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By: Mary Halloway, Fri Nov 5th, 2010
Issuing surety bonds may be part of the services provided by a property and casualty company or the single focus of an agency. Regardless of the scope of the company, it must be licensed by the state or states for which surety bonds are issued. The US Treasury Department can provide a complete list of qualified surety bond companies. Good to know for inquiries about a surety bonding agency or a question about a specific surety bond.
For anyone interested in obtaining a surety bond for any reason can contact a local insurance agent or search online. Look for an online agency that can provide easy access to agents and supply quick answers for all questions and concerns regarding the specific security bond you need. Another convenience is a fast, simple online bond applications and free surety bond quotes.
Approval of an application will depend on credit history, financial strength, assets, years in operation, for business bonding, and a personal history. Be aware, also, that rates for bonds will vary according to this information. While a surety bond is not insurance, it does present a risk to the issuing agency. As a company’s profit and positive commercial history grows and business the relationship between the surety bondsman and the bond holder developments, bond holders can expect rates to go down.
A surety bond serves to act as a guarantee between the principle party, a contractor for example, and the obligee, the customer. In addition to being required by law, providing proof of a surety bond will act to attract clients. In the event of a default, the surety bondsman will investigate and ensure project completion or whatever action is required. Potential customers have an added sense of security when dealing with bonded businesses.
It is always good practice to deal with a company that makes legal business practices a priority whether that company has bonding requirements or the surety bond issuing company itself. Surety 1, Surety Solutions Insurance Services, Inc. is such a company. With over 8 years in the industry and bondsmen experienced in every aspect of surety bonding, Surety 1 is ready to serve your needs. Meeting the needs of business, consumers, public officials, and fiduciary caretakers, Surety 1 offers competitive rates. With a wide range of markets, they can work with credit challenged clients. Get started with Surety 1; online applications will take just a few minutes.
AUTHOR INFO Surety 1 Surety Solutions Insurance Solutions, Inc., a surety bond company providing fast, friendly service, knowledgeable staff, and competitive rates. Surety 1 writes almost any kind of surety and fidelity bonds, including Performance and Payment bonds, Subdivision bonds, License bonds, Court bonds, and many other types of surety insurance.