Archive for 2009

« Older Entries

Why are bonds being required?

Monday, October 12th, 2009

Why are  bonds being required?
A bond is usually signed into law to regulate business and safeguard the public against fraud.  A surety bond helps the client seek financial compensation from breach of contract or if they have been defrauded of money.

Underwriting for these bonds
Loan modification bonds are underwritten similar to a loan. The surety agent will review the principal’s credit, personal financials as well as work experience.  The surety will not only evaluate the clients personal financial condition they will review the business’s financial stability too.  The underwriter will request a business financial statement usually a year end statement and the company’s most current quarterly statement. We understand will most of these bonds that a yearend financial statement may not be applicable since you may be a new business. If this is the case other underwriting may be required to obtain surety credit. Keep in mind that every scenario is different since everyone’s financial situation is not the same.

Tags: , ,
Posted in surety bond | Comments Off

California Talent Services Surety bond

Thursday, August 27th, 2009

AB 1319 – Talent Service. Provides that prior to advertising or operating in business, a talent service shall file a bond with the Labor Commissioner a surety bond in the penal sum of $50,000 this is a conditioned upon compliance.

The obligee for the talent Services bond shall be in favor of, and payable to, the people of the state of California, and shall be for the benefit of any person injured by any unlawful act, omission, or failure to provide the services of the talent service. The Surety bond cost as well as approval is based upon the principals credit and financial condition.

This bill is currently in the senate for a second time,amended and re-referred to committee on appropriations

Tags: , , ,
Posted in surety | Comments Off

Secure your business with the help of surety

Wednesday, August 26th, 2009

Surety protecting business

In these tough times you need to make sure that your assets are protected.  What happens if an employee steals from you or one of your checks is forged or altered?

Is there a insurance policy that can protect you from this? The answer is yes there is. A surety bond can protect you from these everyday occurrences.
This bond is typicality called a fidelity bond. A fidelity bond is more like an insurance policy than a bond because with a fidelity bond claim you do not have to pay the surety back. You need only to pay the deductible and the surety takes care of the rest. The surety company offers a wide range of products that can be added to your policy such as employee theft inside the premise as well as off site. You can add coverage for forging as well as alteration of checks. The bond amount can also be adjusted to fit your growing business needs.

The cost of fidelity bonds

You would think with the exposure to the surety that fidelity bonds would be expensive, but there actually are not. Many factors are involved to determine the cost of a fidelity bond. The rate of the surety bond is also different for each surety. A few ways a surety may determine the bond rate may be by the class of business, how many employees, cash exposure and checks and balances in place to protect the company from a claim.
In this economy protecting and securing you company’s future is vital, so protect your business with a surety bond.

Tags: , , , , ,
Posted in fidelity bond | Comments Off

Surety Bonds and cash for Clunkers

Tuesday, August 25th, 2009

Cash for clunkers is now closed. Only licensed dealers were able to participate in the program. In order to become a licensed dealer you must obtain a surety bond.  Bonds that are required by dealers can go by many different names. Normally we call theses bonds MVD bonds.  we can help you write your MVD bond in  all fifty states for good credit or for clients that have less than perfect credit.

Tags: , ,
Posted in mvd bond | Comments Off

Georgia Surety Bond Update

Tuesday, August 25th, 2009

Mortgage Brokers, Lenders and Loan Originators. Provides that each licensed or registered mortgage broker shall provide a bond in the principal sum of $50,000 or such greater sum as the department may require as set forth by regulation based on an amount that reflects the dollar amount of loans originated. Provides that mortgage lenders shall file a bond in the amount of $150,000 or such greater sum as the department may require as set forth by regulation based on an amount that reflects the dollar amount of loans originated.

Tags: ,
Posted in mortgage broker bond | Comments Off

Surety Bond Answers

Tuesday, July 28th, 2009

I need a surety bond, and I don’t know what type I need? An easy way for you to find out what type of bond you need, besides calling us, is to call the obligee.  The Obligee will have the direct answer since they are the entity that is requiring to carrier the bond. Normally if you are applying for a license it is a State Department.  Permit may be needed by the state as well, but most of the time it is the city whom needs them.  It is also helpful to check your application that must be returned to the state. The licensing packet usually has a copy of the bond form and its requirements.
How much will my Surety Bond Cost?
The Cost of your surety bond depends. The Rate is determined by State, type of Bond, you credit, your personal financials, business financials and risk. All scenarios are different so some of the above listed information may be required or not. Some bonds like, notary bonds are not based on credit or financials. Notary bonds simply have a filled rate, were other bonds have a sliding scale.  The reason for that is unlike MVD bonds , contractor license bonds, and Mortgage broker bonds, notary bonds  claim ratio is low for now.  So the cost of the bond may start out at a 2% but the rate can jump up to 25% depending on your scenario.

Why do I Need a surety bond?
A surety bond does not protect you or your business, it protects the obligee. The obligee requires Surety bonds to protect them from, monetary compensation, breach of contract, payment of certain taxes, fraud and whatever else they have weaved into the bond form.  Unlike insurance surety bonds are a requirement and must be met before you can start or continue operating your business.

Tags: , , , , , , ,
Posted in surety bond | Comments Off

Foreclosure Surety Bond due July 1

Tuesday, June 30th, 2009

Update foreclosure consultant bonds for the state of California are due July 1.

Don’t get caught being out of compliance with the state.

The Foreclosure consultant bond is a $100,000 bond issued for a two year term.

We have markets that can help you for your surety bonding needs. If you need this bond you are going to need it fast so call us today be fore it is to late.

To qualify for this bond the surety will require a personal financial statement, business financial statement if applicable along with running you credit report to determine surety credit.

Tags: ,
Posted in surety bond | Comments Off

New Washington Surety Bond requirement

Thursday, June 25th, 2009

The  New Washington  insurance producers bond amount  is based on a sliding scale.

The minimum surety bond amount will be $25,000 or 5% of your total premium up to 100,00 whichever amount is greater. This goes into effect July 1, 2009.

If you are an insurance producer that writes directly or indirectly and you are not appointed with that company you must obtain the bond.  If you have not obtained your bond it’s a good time to start now before it is to late. The Insurance agent is responsible for the correct bond amount the bond form has a aggregate limit and a 30 day cancellation clause in it. We can help you with your Washington insurance producer license bond  so apply today

Tags: , ,
Posted in surety bond | Comments Off

Surety Bonds In North Carolina State

Tuesday, June 16th, 2009

Surety bonds are offered in the state of North Carolina to meet the requirements of the people of North Carolina. North Carolina surety bonds protect the interest of the obligee with regards to the surety bond created and ensure the guaranteed performance of the obligator. North Carolina surety bonds are issued almost in every part of the state and all kinds of surety bonds are issued to the people. North Carolina surety bonds protect the obligee against default act or non-performance act of the obligator and provide assured obligations to the obligee. North Carolina surety bonds come in different kinds and they can be obtained by the applicant for the surety bond amount required.

North Carolina surety bonds are issued to the applicant with regards to the statutes, rules, regulations and laws of the state and federal government. North Carolina surety bonds are applicant to obtain North Carolina license and permit from the commissioner of state licensing department. North Carolina surety bonds compiles with all statutes of the state and federal ordinance and ensures the faithful performance to the obligee. Some of the North Carolina surety bonds issued in the state are NC electrical contractors bond, NC license bond, NC MVD bond, NC mortgage broker bond and many other kinds of surety bonds are also issued in the state as per the requirement of the applicant.

Tags: ,
Posted in surety bond | Comments Off

Missouri Surety Bonds Ensures Guaranteed Obligation

Tuesday, June 16th, 2009

Missouri surety bonds are issued in the state of Missouri to ensure guaranteed obligation of principal. Missouri is a beautiful city where it comes up with well established laws and regulations of state and federal government. With regards to various surety bonds issued in the state ad Missouri surety bonds ensures guaranteed obligations of the people. Missouri surety bonds are issued to the applicant, when it has been found out that there is requirement or demand for the Missouri surety bonds for fulfill of contract. Generally when two or more people enter into an agreement for a consideration, then the contract should be legally compiles.

All kinds of surety bonds are issued in the state of Missouri for the premium amount required. Missouri surety bonds protect the obligee, principal and the surety and also ensure faithful performance of contract and compiles with all statutes of the surety bonds issued in the state. Missouri surety bonds, Missouri MVD bonds, Missouri mortgage broker bonds, Missouri contractor license bonds and Missouri license and permit bonds are issued in the state. Missouri surety bonds are issued in Missouri as per the requirement to protect the Missouri people and to ensure the guaranteed performance with regards to the contract made.

Tags: ,
Posted in surety bond | Comments Off

« Older Entries