There are quite a few Different types of License Surety Bonds keep in mind that there are all considered surety bonds.
Surety bonds are an unsecured loan required by the government usually coinciding with a license like a contractor needing to become license and bonded. A surety bond is not a like insurance policy that will protect the business that is bonded but a reverse insurance policy that will protect depending on the bond form, but protect the customer transaction business with the bonded business.
Surety Bonded businesses help establish confidence to the consumer that they can be rest assured that if the contractor defaults they will have a easy vehicle to deal with to recoup their losses.
The surety is anticipating in the next few years that will be a higher demand for surety bonds as well as new surety bond requirements. The newest surety bond requirement this year has been the $50,000 Medicaid bond for suppliers. Currently in a few states the DMV is talking about raising some of their surety bond requirements for Car dealers these bonds are classified as a MVD bond. We will keep you posted with any changes
We have great programs for Car dealers as well as contractors. Whether you are a new business starting out or an established firm we can help you. We have programs and sources for clients that may have suffered credit issues in these tough times. So if you have an offer for a bond with collateral gives us a call so we can help you out.