Surety Bonds are required by Private Industry, Municipalities, States and the Federal Government. Bonds are required to ensure that the principal abides by the governing rules and regulations. Each obligee has their own specific surety bond form. The principal is required to provide the surety with the bond form. The amount of the Surety Bond varies; be sure to indicate the amount required on the surety bond application. We can write Surety Bonds regardless of your credit situation, SO APPLY NOW.
A surety bond is a three party agreement and are underwritten similar to a loan.
Obligee: The entity that requires the Surety Bond
Principal: The entity or person applying for the Surety Bond. In most cases, a business is required to obtain a Surety Bond to satisfy a licensing requirement. The State or Federal Government will not grant or issue a license the Surety bond is in force.
Surety Company: The entity that will be issuing the Surety Bond or Surety Bonds; we only deal with A rated T-Listed companies that are licensed to transact Insurance /Surety in your State.
What Does Treasury List of Approved Sureties (Department Circular 570) (T-Listed) mean?
This means that the Surety Company is Holding Certificates of Authority as Acceptable Sureties for The Federal Government.
Tips for applying for a Surety Bond
Tip One: Make sure you have the correct name that must appear on the Surety Bond In most cases, it is the name that will appear on your license.
Tip Two: Keep in mind you are applying for a unsecured loan so be as detailed as possible with your personal financial statement (if required)
Tip Three: If you are, switching Surety Companies because they are not renewing you Surety Bond or you are being charged a higher rate make sure that you have the correct effective date and expiration date on your Surety Bond Application. If you do not have the correct dates, the State may reject your bond.
Tip Four: 99% of Surety Bonds that are required by the State or Federal Government have a set Surety bond amount make sure you have the right amount listed on your surety bond application.
To find out what the Surety Bond Amount is needed reference your license packet or contact your obligee
Surety Bond Underwriting
The Surety will review your credit, personal financials, business financials, and your work experience (some of these requirements may not be needed since each situation is different)
Why does the Surety review your credit and financials?
The reason why the surety reviews your credit and financials is that they want to make sure, if a claim occurs you can pay the surety back.
Not to worry we have several surety companies that can write your surety bond even if you do not meet standard underwriting. These rates can start as low as 1% unlike other competitors.
We are able to take co-signers to obtain lower rates or to provide rates without collateral which most of our competitors cannot.
Our Hard to Place Surety Bonds program is for business or individuals that have less than perfect credit or financials.
If you are a New business most Surety Companies are not willing to take a chance and write your bond as they require you to have been in business at least three years. Our hard to place Surety Bond programs are tailored for new business and we are able to write your bond regardless.
We are easy to deal with if you already have a surety bond application completed you can fax it to:602-358-2300 or email it to: firstname.lastname@example.org and one of our surety bond experts will contact you shortly.
In most cases, we can quote your surety bond within 24 hours Nationwide
Our Surety Bond quotes are FREE APPLY TODAY!