If you’re currently operating a private school or plan on opening one in the future it’s essential that you understand what private school bonds are and how they impact your business. Continue reading “Everything You Need To Know About Private School Surety Bonds”
Category: Blog
Commercial vs. Contract Bonds
Commercial surety bonds and contract bonds serve a similar purpose in that both types of bonds provide protection for one of the parties named in the bond, but they also have unique purposes that are tailored to the industries they are used in. Continue reading “Commercial vs. Contract Bonds”
Types of Surety Bond Collateral
Surety bond applications generally only require a business to submit an application form, supporting documentation, and the premium amount in order for the bond to be underwritten. However, there are some circumstances where a surety may require the applicant to provide a form of collateral to secure the bond. This generally occurs when a surety bond deems that the risk of issuing the bond is too great without the additional protection of collateral. Continue reading “Types of Surety Bond Collateral”
Mortgage Broker Bonds
Shopping for a mortgage broker bond can often seem like a huge inconvenience and a waste of time, but you may be surprised to learn just how easy it is to find a bond. You might also be pleasantly surprised to learn that they can help your business grow! Continue reading “Mortgage Broker Bonds”
AIA Contract Documents – What’s New for Surety Bonds?
Every ten years the American Institute of Architects (AIA) updates its contract documents to address changes in the industry. With the last document changes made in 2007 it came as no surprise when the AIA issued new base documents in May 2017. One of the biggest and most significant changes to the documents for the surety industry was the removal of article 11 from contract A201-2007, this article covered the insurance and bond requirements of contractors. Continue reading “AIA Contract Documents – What’s New for Surety Bonds?”
What You Need to Know About Executor Bonds
For most people the first time they’ll hear about an executor bond is when a friend or loved one who has named them as an executor to their will passes away. An executor bond can be required by the will documentation or by state regulations, if this is the case the executor will be required to get a surety bond in order to carry out their role as the will executor. Continue reading “What You Need to Know About Executor Bonds”
Top Surety Bond Myths
Surety bonds are often misunderstood both by the business who needs a bond and the person or entity trying to make a claim against one! We’ve highlighted the top three surety bond myths to help you understand how surety bonds work:
How Surety Bonds Protect Consumers
If you’ve ever visited a bar, bought a car, purchased a home, or worked with a contractor you’ve probably been protected by a surety bond. People often don’t realize that many of the businesses they use are required to have a surety bond. So why is this? State licensing requirements are designed to protect both the state and consumers from improper and unethical business activities. Continue reading “How Surety Bonds Protect Consumers”
Electronic Surety Bonds
Have you heard of the new electronic surety bonds? Feeling a little confused about what this means for your business? Don’t worry; our guide to electronic surety bonds can help you stay on top of your business surety bond needs! Continue reading “Electronic Surety Bonds”
Surety Bonds Vs. Letters of Credit
Surety bonds and letters of credit are both used to manage risk and provide a form of financial guarantee for the people and organizations your business works with. If you’re not sure whether a surety bond or a letter of credit is a better choice for your business needs we’re here to help you understand your options!