What is a Surety Bond?
A surety bond is a written promise to pay to the bearer the damages or losses caused by the parties named in the document due to non performance or an act of defecation.
What type of a Bond would I require?
This is usually determined by the entity requesting a bond; they should also specify the amount of the surety bond.
What is a Bonded Title?
A bonded is a title is issued by the department of motor vehicle showing the new ownership of a vehicle when an auto title has been lost, misplaced or not provided by the previous owner after the auto is sold.
What is the difference between insurance and a bond?
Insurance is obtained to protect a person against events and risks that might arise from events clearly stated in the policy documents. The insured can claim any loses without having to pay them back. A bond, on the contrary, is an obligation on the part of the bonding company to collect the claim from the customer; it guarantees that the person concerned will fulfill his stated obligations.
What is the process of obtaining a bond?
Most surety bonds can be issued the same day and other bonds within 24 hours. An application form filled and duly submitted starts the process. The the bond company then sends different quotes and, once the parties agree on the prices, then the bond is issued.
Do you work with brokers and agents?
Very few broker or agent applications are accepted because we have a strong team of agents who have good experience and have developed considerable finesse in selling surety bonds.
Why is a good credit a pre-requisite to the issuing of bonds?
There are bonds that do not require a good credit history. However there are certain bonds that do require a credit check. This is to ensure that the person owning the bond has a good credit rating and has the capacity to pay back the claim amount to the bonding company.
Why is a financial form needed before buying a surety bond?
The bonding company enters an agreement to pay on your behalf in the event of any claims, and thus the financial information ensures your credibility and your ability to pay back the claim amount.
What is the validity of a bond?
The bond validity is clearly stated on your application form page.
How long does a bond last?
Bond durations are stated on the application page.
How do I go about purchasing a bond?
Simply select the bond type from the menu. You can apply online or obtain a printed application form. Submit the form via fax or e-mail and we will get in touch with you within 24 hours
What are the modes of payment?
We accept all major credit cards, and also mailed checks and money orders.
If you have any other questions that this FAQ list has not been able to answer, please contact us at 713-785-2138 or 1-800-374-9227.