681A.070 - “Surety insurance” defined. - Nevada Statutes

681A.070  “Surety insurance” defined.  “Surety insurance” includes:

      1.  Fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust.

      2.  Insurance guaranteeing the performance of contracts, other than insurance policies, and guaranteeing and executing bonds, undertakings and contracts of suretyship.

      3.  Insurance indemnifying banks, bankers, brokers, financial or moneyed corporations or associations against loss, resulting from any cause, of bills of exchange, notes, bonds, securities, evidences of debt, deeds, mortgages, warehouse receipts or other valuable papers, documents, money, precious metals and articles made therefrom, jewelry, watches, gems, precious and semiprecious stones, including any loss while the same are being transported in armored motor vehicles, or by messenger, but not including any other risks of transportation or navigation, and also insurance against loss or damage to such an insured’s premises or to the insured’s furnishings, fixtures, equipment, safes and vaults therein, caused by burglary, robbery, theft, vandalism or malicious mischief, or any attempt thereat.

      4.  Financial guaranty insurance, which is insurance or bonding that guarantees the payment of the principal and interest on a security if the issuer of the security defaults in the payment of the principal or interest. Financial guaranty insurance does not include coverage for items described in subsection 3.

      (Added to NRS by 1971, 1604; A 1991, 2030)