Posts Tagged ‘Surety bonds’
Wednesday, May 20th, 2009
Before the Internet changed our lives by the way we do business, finding markets and a business that wrote or writes surety bonds was almost impossible. To find a broker we had to, sift though the phone book, and look though our business cards and rummage though are mailers hoping to find a company that could help us out. Just because they say they write surety bonds does not mean that they can help you.
Remember the good old days when we used rolodexes? Now we have bookmarks and email to keep our contacts in order. Now because of Google we can simple type in what we are looking for and find it in seconds whereas before it could take months.
Google has really changed our lives in the way we do business and find information. If you need to find a broker to write your surety bond it can take seconds. I can’t tell you how many times a client told me, it took months to find a market. With Google find brokers that write surety bonds is easy.
Most agents if they write bonds only write one or two a year where as a surety broker writes hundreds a day. Surety agents know the industry, markets and where to send them. Many brokers have agencies outside of you state and if you have a phone book it’s not going to help you. Google has really opened doors that once were closed and made it easier for the surety business
Tags: google, surety, surety bond, Surety bonds
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Tuesday, May 19th, 2009
This do not call surety bond is also surety bond which is required by the state and federal government. This surety bond is imposed by the government in order to maintain the rules and regulation by the principal. It guarantees the services provided by the telephone solicitor. In this surety bond each have their separate surety bond form. The principal is also required to provide a separate surety bond form. For each surety bond the amount of surety will differ. You should be alert, while mentioning the amount in the surety bond application. If the contractor fails; this bond guarantees refund or reimbursement of the contract money. Sometimes this bond is also called as telemarketing bond. The claim can be covered, when there is delay in the services or the wrongful act of the principal as per the state law.
Tags: do not call bond, surety, surety bond, Surety bonds
Posted in License Permit Bond, surety bond | Comments Off
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
Tags: bonds, court bonds, payment bonds, surety, surety bond, Surety bonds
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Friday, May 15th, 2009
Will the way you search for surety be changed by wolfram alpha ?
There’s a new search engine in town wolfram search I had the opportunity to see it in action the other day. It is amazing but will it change the way the average user uses the Internet? We don’t know for sure as of yet. I will be trying it our tonight to see how it works with surety bonds.
This weekend it will go live
How Does it Work?
Wolfram Alpha is a system for computing the answers to questions. To accomplish this it uses built-in models of fields of knowledge, complete with data and algorithms, that represent real-world knowledge.
For example, it contains formal models of much of what we know about science — massive amounts of data about various physical laws and properties, as well as data about the physical world.
Based on the scientific question you ask it, it can compute the answers for you.
Tags: Surety bonds, wolfram alpha
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Tuesday, April 28th, 2009
SENATOR CARDIN TELLS TANEYTOWN BUSINESS
GROUP THAT SMALL BUSINESSES ARE THE KEY
TO OUR ECONOMIC RECOVERY
TANEYTOWN, MD – U.S. Senator Benjamin L. Cardin (D-MD) today told the
Taneytown Business Breakfast that the recently enacted economic recovery package and
omnibus appropriations contain important provisions that will provide them with some
relief during these difficult economic times.
“Our nation’s economic recovery is dependent on the growth of small businesses,” said
Senator Cardin, a member of the Senate Committee on Small Business and
Entrepreneurship. “My top priority and the top priority of the Obama Administration is
to make sure that businesses get the support and capital they need to remain in business
and succeed.”
Senator Cardin successfully offered an amendment to the American Recovery &
Reinvestment Act (ARRA) to help small businesses compete for larger contracts. Due to
the economic crisis, surety companies have rejected bond applications because the
contractors cannot show that adequate financing is in place to complete the project. The
Cardin amendment makes it easier for small businesses to obtain larger surety bonds by
temporarily increasing the limits on the Small Business Administration (SBA) Surety
Bond Guarantee Program from $2 million to $5 million for contracts awarded under the
recovery plan. On March 27, the SBA announced it was instituting the Cardin
amendment in the recovery package and raising the surety bond cap to the $5 million
level.
The economic recovery package also includes additional provisions that will help small
businesses by strengthening and improving the SBA’s 7(a) and 504 loan programs,
increasing funds for microloans, and increasing the amount of equity investment that is
allowed in small businesses so that they will be more attractive to investors.
In addition, on March 11 President Obama signed into law the Omnibus Appropriations
Act for FY 2009, which includes more than $546 million for the Small Business
Administration (SBA), providing a boost to the nation’s 27 million small businesses. This
funding is a $47 million increase from what was appropriated last year when disaster loan
funding is excluded.
“Small businesses make up more than 99% of the nation’s firms and employ more than
half the workforce,” said Senator Cardin. “Small businesses are the lynchpin of our
economy, and I am pleased that I have helped ensure they have additional resources
during these difficult economic times so that the credit crisis facing our nation doesn’t
shut them out of business.”
These types of bonds covered or for Payment and performance bonds only
Tags: payment ans performance bonds, surety, surety bond, surety bond guarantess program, Surety bonds, surety companies
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Tuesday, April 28th, 2009
Surety bonds are necessary for consumer protection. They safeguard the consumer from breach of contract, payment of certain items as well as any other state statue written into the bond. Without surety bonds the only other option for the client would be to sue them. If a claim that turns out to be true the surety company will reimburse the consumer/obligee for the claim. Afterwards the surety will then try to collect the money owed by the principal since the principal indemnified the surety company.
Let’s say you hired a contractor to remodel your kitchen; you gave the contractor $1,000 to buy a sink, dishwasher as well as other supplies and materials. A week goes by and your contractor still has not delivered the supplies or materials. You try to get a hold of them but their numbers are no longer in service. So what do you do now? Luckily you hired a licensed and bonded contractor. One of the advantages of dealing with a bonded contractor is if the above example happens you can place a claim on their surety bond and recoup your loses up to the bond amount.
What do you do if you need a contractor to construct a commercial building and the state bonding requirements would not cover your losses if a claim occurred? Since the state bond amounts are in the $10,000 to $25,000 range depending on which state you live in. If you are contracting a large commercial building you can require the contractor to obtain a payment and performance bond naming you as the obligee. By doing this you and your assets will be protected.
Surety bonds help weed out fly by night companies since their assets are on the line. Without surety bonds the majority of consumers would be open and subject to fraud without any monetary recourse.
Tags: bond amounts, licensed and bonded contractor, payment and performacne bond, surety, surety bond, Surety bonds
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Wednesday, April 22nd, 2009
Our office has now gone green on this important day, Earth Day.
We Are now 100% paperless for internal office documents and applications.
If paper is needed we only use recycled paper.
We will be saving thousands of trees a year by doing this.
Tags: earth day, surety, Surety bonds
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Thursday, April 9th, 2009
issuing a MVD bond
Motor vehicle dealer bond forms main part of different types of surety bonds issued all over the world. In general, everybody knows that surety bonds comprise of a lot of bonds, mainly motor vehicle dealer bond fetches more demand among the applicants. It is considered as a more important and vital bond among the people. The main intention of issuing surety bond, i.e. MVD bond is that it protects the public against any default act of obligator or the dealer to the obligee. These bonds can be called in different names like motor vehicle bond, DMV bond, used car dealer bond and in many other names. This bond protects the obligee against the default work or deceitful act of the motor vehicle dealer with regard to buying and selling of motor vehicle in the state. These bonds provide benefits to the obligee by the means of suing the principal in the court of law for non-performance act of the contract. Today, these bonds are issued in different states in different surety bond amounts as per the necessities of the people in different states.
Tags: motor vehicle dealer bond, mvd bond, Surety bonds, Used Car Dealer Bond
Posted in mvd bond | Comments Off
Tuesday, April 7th, 2009
Federal or State surety bonds are required by the government to protect the tax payers investment. Usually these bonds are for construction projects these bonds guarantee that the project will be completed and the funds will be delegated appropriately.
If the contractor defaults on the surety bond the obligee can place a claim on the bond and recoup their loss.
Private obligee can also request for the contractors to become bonded to protect there investments.
Tags: federal bonds, state surety bonds, surety bond protect tax payers, Surety bonds
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Friday, April 3rd, 2009
Over the course of the last two years the
surety Bond Industry has under gone dramatic changes. Due to increasing claims caused from suffering industries such as the car industry and the mortgage industry Surety Bonding Companies have to tighten their belts. Bonding companies are now enforcing tougher requirements and are increasing rates to compensate for their losses. Due to underwriting changes many teetering clients that had preferred rates will now be placed in the subprime market. Many established companies that had a preferred rate last year cannot qualify this year for same price or their rate has gone up.
New businesses are suffering the most because preferred rates are now only for established companies. Collateral is also coming to play with many surety companies requiring it for the majority of the surety bonds they write for new business. With that said here are a few tips to help you obtain a surety bond without collateral and at a reasonable rate.
Tip one: if you are a new business and you do not have a business financial prepared create a start up business financial and create a business plan as well. A start up business financial or a business plan with some companies may help you with the rate by one or two points.
Tip two: send a resume Surety companies what to see experience. Showing experience may help you get out of subprime pricing.
Tip three: If your credit is a little shaky or your financial s are not up to pair apply with a co-signer. When applying with a co-signer make sure that the cosigner can qualify. Here are a few qualifications for co-signers.
Clean credit with no collections or delinquencies a 650 credit score or higher owning property and real estate. The real estate does not need to be owned free in clear. Keep in mind if you have a co-signer you will not be able to obtain preferred pricing but it may help you get a price break.
Tip four: Use a surety bond broker your local insurance agent may not have the markets to help you since surety bonding is a specialty field. Many surety bond agents have programs that can obtain surety bonds for new business with no collateral.
Tags: bonding, obtain surety bond, preferred rates, surety, surety bond, Surety bonds
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