‘I have never heard of nor seen an appeal bond of this size for a private company or individual,’ said an official from the Lockton Companies.
Gary Giulietti, an executive with the largest privately held insurance brokerage firm in the world, said the bond required of former President Donald Trump is very rarely issued by surety companies, making it a “practical impossibility” to obtain.
Mr. Giulietti, president of the Northeast region for the Lockton Companies, is one of four insurance brokers that Trump attorneys say have been retained to get the $464 million bond while he appeals his civil fraud verdict.
New York Attorney General Letitia James has threatened to seize President Trump’s assets if he does not post that amount.
In a March 15 affidavit filed on March 18, Mr. Giulietti stated that very few surety companies in the world could issue a bond that big, and they don’t do it for private individuals.
“As an initial matter, only a handful of sureties are approved by the U.S. Department of Treasury to underwrite bonds for a sum as high as the Judgment Amount,” he wrote.
Of those, he said, many have internal policies to limit single bonds, and “will generally only issue a single bond up to $100 million.”
Trump attorneys had offered to put up a $100 million bond. An appeals court has yet to rule on whether this will be sufficient to stay the civil fraud judgment, which includes disgorgement of more than $350 million.
The court also temporarily banned President Trump and others from doing business in New York, and is requiring ongoing monitorship of the Trump Organization, which may result in additional penalties.
30 Companies Said No
Mr. Giulietti detailed his “extensive surety risk experience,” stating that during his 50-year career, he’s worked closely with every major insurance company and specialized in real estate in a previous position.
“Lockton has an entire department devoted to surety and underwrites thousands of bonds a year, including numerous appeal bonds,” he added. “I have never heard of nor seen an appeal bond of this size for a private company or individual.”
