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Surety Bonds

What is a Surety Bond?

A surety bond is defined as a contract among at least three parties: the obligee: the party who is the recipient of an obligation. the principal: the primary party who will perform the contractual obligation. the surety: who assures the obligee that the principal can perform the task.

Who needs a Surety Bond?

Any person or company who is Licensed, Bonded, and Insured needs to purchase a Surety Bond annually to satisfy their License Requirements. A surety bond is a Guarantee for the license holding agency to provide a source of last resort payment for a complaint and subsequent need to pay scenario by the licensed individual. Typically the Bond holder will do everything in their power to avoid the bond/bond company to make the payment. It may be difficult and/or expensive to get your next bond in the event the previous bond company had to dispurse funds.

What is needed to get a quote for a Surety Bond?

1. Personal and business financials

2. Personal and business most recent bank account statements.

3. Complete our application

4. Credit check

How long does it take to get a quote for a Surety Bond?

Typically it would take 24-48 hours to get a quote for the price of the Surety Bond, and once payment is made after underwriting approval the bond is in effect.

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