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.