JW Surety Bonds

All In One Surety Bond Information Source

At JW Bond Consultants, Inc., we are always striving to beat the expectations of the client. We realize that suretyship is something that many know little to nothing about. We have provided multiple online resources in order to better educate our principals and make them feel more comfortable with the process of obtaining their bond. We have several different informative sections throughout our ever-expanding web site.

Bond Information Section:

You can review the Bond Information Section for learning the basics of surety bonding. Learn what the purpose of a bond is, why it is required, how it differs from insurance, specifics on the bond you are required to obtain, etc. If you are new to surety or have little knowledge of the industry, we recommend you start here.

Surety Bond Blog:

Our company blog (the site you are currently on), is a database of articles on current events in the world of surety. You can read previous articles by browsing through the list of previous months on the bar on the right of this page.

We have added the most recent Surety Bond Forum Posts to this blog in an attempt to make it the best online resource for suretyship. You can see the most recent post in the forums on this page, just scroll down and look at the bottom right of the page (just below the “Live Help” and XML links).

Surety Bond Forums:

If a topic is not covered in an article on this blog, it is very likely somewhere on the forum. The forums now have over 60 members and almost 1,000 posts, covering even the most specific topics of surety. Feel free to join us in the forums and ask any question you would like, just make sure it is in the appropriate category. Professionals across the country will give you their input, free of charge.

Summary:

To review, here is the breakdown of each section…

Bond Information Section – General surety bond information.
Surety Bond Blog – Articles on current events in surety.
Surety Bond Forums – An interactive community where you can ask professionals your questions.

We hope that our efforts to educate are successful, but we are always welcome to constructive criticism as to how to make our site more useful for you. You can post a comment on this blog, post comments in the forums, or send us an email via our parent site. We look forward to hearing from you.

Stay Current With Surety News

The Surety Bond Blog has added an RSS Feed so you can get automatic article updates from this site. You can add the RSS Feed to your web site, MyYahoo, MyMSN, etc. Simply click the appropriate link under the live help icon on the right side of any page on this blog!

Digital Surety Bonds

Electronic bonding is the way of the future for the surety bond industry. Filing a surety bond electronically will allow agencies to issue a bond and the principals to obtain their bond in a shorter period of time. However, I think the use and integration of such a system is still a long ways off.

The technology is available, as well as the desire for such a system. What is holding the industry back? There are two major factors that keeps digital bonding from becoming a reality.

  • Lack of organization of the sureties to create a standard for such a system.
  • Acceptance of digital bonds by the obligees.

The bonding companies must get together to create this system. A handful of the largest sureties would be able to get other bonding companies to jump on the band wagon a lot easier than several bonding agencies. The sureties also have the financial backing to fund the project as well as the financial interest in it, as it should help all sureties to run more efficiently.

I think the second largest hurdle would be getting the obligees to accept a digital bond rather than a paper copy. In general, obligees are very stuck in their way doing things. When it comes to a state department, no one really wants to rock the boat and make any radical changes to the way things are done. I suppose they are afraid of any backlash of their suggestions.

The ICC accepts electronically filed surety bonds. To my knowledge, the ICC and DOT are the only obligees that accept electronic bonds. However, it is not a standardized system and creating a different system for each obligee would result in chaos and failure in the development of the standardization. Our agency is doing its part by being the first to offer electronic surety bond approvals. Unfortunately, we are limited to offering this system to only the following programs:

The first step is to have the system created, followed by the acceptance of it. As far as I know there is no committee on development of it, thus we will be waiting quite some time prior to seeing a standardized fully functional system in place.