Posts Tagged ‘bonds’

Crime Insurance in Lieu of Bonds

Thursday, March 18th, 2010

Colorado Surety bonds

H 1062 – Crime Insurance in Lieu of Bonds. Would permit various county public officials (county officers, commissioners, clerks and recorders, sheriffs, coroners, treasurers, assessors, and surveyors) to purchase crime insurance in lieu of the surety bond required under current law. Status: 2/4/10 – Passed House; introduced in Senate, assigned to Local Government and Energy.  Giving public officials the option to purchase crime insurance in lieu of a bond will make it easier for them to get coverage. As long as it protects the tax payers the same way that the bond did I cant foresee a problem.

what do you think?

Let me know!

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Current States On Mortgage Broker Bonds

Tuesday, June 2nd, 2009

Mortgage broker bonds are at present being written at low  rates for those who  qualify.  Not all bond companies are providing low rates for mortgage broker surety bonds. Some of the sureties are  not eager to write these bonds  for the reason of high risk Surety bond language. Therefore, it is very important for your surety agent to have access with the flexible  markets.

Integritybonds.com  is a Surety Bond agency that can  bond your business  in most cases in all 50 states, even with credit issues.  We access to over 18 surety markets and we just don’t write Mortgage broker bonds we can also write contractor license bonds and of course MVD bonds.  Surety bonds are our specality our online surety application make it easy to deal with us.

We have excellent rates for those who qualify for bonding.  We also have less than perfect credit programs desigedn to help the small businsess owner who cant come up with the collateral needed to post for the bond.   if you need to get approved fast we are the ones you can count on.  Call us today for a free consultation and get approved

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ARC Bond Information

Thursday, May 28th, 2009

An ARC Bond is not a state or a federal bond requirement but is required by a private obligee.

ARC Stands for Airline Reporting Corporation

Every year, thousands of agencies increase their bottom line by adding agent service fees to transactions or by purchasing high-commission travel products through ARC. To have the ability to use the ARC services your travel agency must obtain a ARC Bond.

What is the bond amount required by the ARC ?

Any person desiring to become an ARC Agent must submit a
Bond,  in the minimum amount of $20,000 before
the agency may be included on the ARC Agency List

The maximum amount of the Bond,
that shall be maintained by each Agent shall be $70,000.

Always check with the ARC to make sure you are applying for the right bond amount

How are ARC bonds underwritten ?

A ARC Bond is underwritten like any other surety bond. The Surety will review your personal as well as your business financials to determine your surety credit.  Depending on your bond amount underwritten is usually performed within 24 to 48 hours. The cost of the surety bond varies for each surety company as well as your financial position.

We have a wide range of markets able to handle your bonding requests.

Travel agents are required in Florida and California to also purchase a seller of travel bond. The bond amount can be anywhere between 10,000 to $50,000 always check with the obligee to make sure you our applying for the right bond type and amount.

I hope this has helped you with

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How many license bonds are there?

Tuesday, May 26th, 2009

What is a License and permit bond ?

License and permit bonds are considered  surety bonds. A  municipality will require certain business or individuals to obtain these surety bonds. Theses bonds are required  in order to guarantee that the principal will carrier out their duties, laws as well as anything else that is in the bond form.  If the principal breaches the contract stipulated in the surety bond form and a  bond claim occurs the surety will reimburse the  obligee and than collect the funds from the principal.

How is a Surety bond underwritten ?

Surety license bonds are underwritten just like any other surety bond. The Surety will review your credit, personal financials as well as your business financials to determine surety credit.

How many license bonds are there, and who requires them?

It is  almost impossible to count how many license bonds are out there.  Each city has their own license bond requirements for certain business industries as well as individuals. A city can determine by their on accord if they want someone or business to 0btain a surety bond.  For instance the city of South Houston requires car dealers to obtain a $25,000 surety bond to sell cars even though there is already a bond requirement from the state.

Some cites require license and permit bonds to remodel your home or easements on your property. License bonds can also be required from the state as well.  Some of the most common license bonds required by the state are contractor license bonds.

The federal government also requires license bonds such as a ICC bond. If you are going to provide  construction services for the federal government they will require that you are bonded with the state and carrier your contractor license.  The other bond that they will require is a payment and performance bonds.

You can find out more about payment and performance bonds as well as other surety bonds on our surety bond blog

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Surety bonds are vital for Business owners

Monday, May 18th, 2009

Surety bonds are vital for company owners to become compliant with state licensing  The practice of  obtaining the surety bonds dates back hundreds of years , when such agreements had the role of amplifying the safety and efficiency of long-distance trade. Nowadays surety bonds can take a mixture of forms, play a wide range of roles and are commonly used to secure the terms of major contracts.

Recently elaborate market investigations that are conducted in the US have revealed that over 60,000 contractors in the construction industry failed to respect their agreements over the last 10 years, canceling public and private sector construction projects worth more than 18 billion dollars. Normally surety bonds will be launching a temporary tripartite relationship between the obligee, the obligor and the surety. Two main categories of surety bonds available are contract surety bonds and commercial surety bonds. A popular subcategory of contract surety bonds is signified by bid bonds, and on the other hand, a popular subcategory of commercial surety bonds is represented by contractor license bonds. Whether you are interested in closing performance bonds, payment bonds , contractor license bonds, subdivision bonds, court bonds or various other types of surety bonds whatever it might be, it is very significant for appealing the services of a prominent, respectable and reliable surety bond-services offering agency. Surety bonds will continue to be a important rule in consumer protection.  In the next few years with more business being regulated there will be more surety bond required for different classes of business the newest surety bond requirement is the $50,000 Medicaid bond. I hope this helps you understand how surety bonds still play a vital role in today’s economy as well as protection for the consumer

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Condition and state of the surety bond market

Friday, May 15th, 2009

The Condition and state of the surety bond market

Similar to the credit market at one time surety credit was like a raging river but now it has turned into a trickling creek. Well who turned off the faucet ?

There are many factors on why surety bonds are harder to get.

One factor is due to the influx of claims. Claims have been on the rise for the last two years, but now they have seemed to have bottomed out. So when will surety companies start writing more classes of business such as surety bonds for the trucking industry like ICC Bonds or financial guarantees like sales tax and utility bonds? Well no one really knows for sure as of yet but it will happen again one day but it will probably take place slowly over the next ten years. Many surety companies have suffered from loses do to the mortgage melt down as well as the construction industry and the car industry. It will take some time for them to recoup their losses from theses business.

Do to Underwriting changes, requirements have become more ridged. Companies that qualified for bonding a year ago or now facing the dilemma of closing there business because they can’t obtain surety bonding anymore.

Startup companies are also having this dilemma since surety bonding companies want to write established business. Surety Bond amounts are also coming into play since the majority of surety bond amounts have increased making it harder for business to qualify.

No business or personal credit is a factor as well the surety considers no credit to be hazardous since there is no established payment history

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Medicaid Surety bond Who needs it

Tuesday, April 14th, 2009

Yesterday, we posted a copy of the Medicaid bond form today we will touch on some of companies that will need to obtain the bond

New Surety bond requirement for Companies that supply medical equipment  or manufacture equipment such as orthopedic shoes and prosthetics will also have to obtain the Medicaid bond. The Bond amount is set at $50,000 and has a 30 day cancellation clause in it. Good news is that the bond is not a cumulative meaning that no claim can exceed $50,000

Companies will have to comply with the new law soon or are subject to  revocation of any medical billing privileges.

They may also suspend or revoke your license to provide health care by any state licensing authority to list a few consequences. The good news is that we can write these surety bonds whether  you have good credit or bad we will be able to help you.

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