Power Of Attorney Surety Bond Verification Process

Surety Bonds Power of attorney Verification Process

At Viking Bond Service, we strive to take the mystery out of the bonding process. That’s why we regularly use our blog to clear up common questions and confusion about how the surety bond process works. In this entry, we will address something we receive queries about all the time: the surety bond power of attorney process. It’s an important but often misunderstood part of getting bonded – and something everyone should understand before getting a surety bond of their own. Read on for all the info you need.

Why do surety bonds require a power of attorney?

Before we answer this specific question, it’s important to understand how the surety bond process works. When you need to obtain a surety bond – to get a professional license, finalize a contract, meet the mandates of the court, or for some other reason – you will likely work with a surety agency or broker (one like Viking Bond Service). These agencies and brokers function as intermediaries between you (the bonded party) and the surety agency that actually issues and backs the bond. Many people get insurance coverage through a similar process – they work with a broker or agent who arranges coverage provided by a much larger insurance agency. 

Now to return to our original question, a surety bond grants a broker or agent the right to administer a surety bond on behalf of the surety company that backs the bond. To put it differently, the power of attorney givest the surety bond actual weight and legal standing. Without granting power of attorney to the surety broker, the bond could not be enforced, meaning it wouldn’t be possible for the obligee to file claims against the surety bond (which is the whole reason they exist). A surety bond without an accompanying power of attorney agreement is just a piece of paper. It only becomes a legal, active, binding surety bond agreement once you (the bonded party, otherwise known as the principal) grant power of attorney for the surety bond agreement to an agency or broker. 

How to complete power of attorney surety bond requirements

If you’re still unclear about how a surety bond power of attorney works, don’t worry – It’s a confusing concept that gets deep into the details of surety bond agreements. Most people don’t try to make sense of surety bond agreements on their own. Instead, they rely on a trusted surety agency to walk them through the fine print, point out every detail that matters, and explain any concepts that aren’t perfectly clear. Surety bond experts can explain how the power of attorney component works and why it matters. Perhaps more importantly, they can explain this information in the context of whatever bond you’re seeking. You don’t just get a general answer – you get one that directly relates to the surety bond you need. 

Once you find a surety agency to partner with, rely on them to help you complete the power of attorney portion of the bond application. You will need to fill out a form with basic information about your name and date. That’s not the hard part. Where you will want to rely on your surety partner is for understanding what you’re committing to by signing the power of attorney document. A good surety agency will be happy to explain the specifics, and they will never pressure you to sign something you don’t fully understand. If you feel like your surety partner doesn’t have your best interest at heart, don’t sign the power of attorney form or pay the premium. Instead, seek out a different surety agency that cares about keeping you informed and updated. 

Viking Bond Service – A Surety Agency for All

In the intro to this blog, we talked about our philosophy here at Viking Bond Service: a philosophy based on service, excellence and affordability. At all times and for each person we work with, our whole team endeavors to make the bonding process clear to understand and simple to complete. That’s why we dove into the complex topic of power of attorney surety bond requirements, and why we have a huge library of resources for you to consult and explore as you find the right surety bond (and surety agency) for you. 

If you have specific questions, we are happy to provide answers. Call one of our bonding experts to get no-cost, no-obligation advice. You can reach our team at 1-888-278-7389. Don’t feel like talking on the phone? No problem – send your questions through the contact form on this page. 
If you already have enough information, perhaps you’re eager to get a surety bond ASAP. In that case, it takes just minutes to complete the online application process, after which you will receive a quote for the surety bond cost within 24 hours in most cases. Complete our online application form at your convenience to get the process started.