If you search for “JW Surety Bonds reviews” in a search engine you may find a result which lists the Ripoff Report website; don’t be fooled by this “review company”. Ripoff Report is a website that posts fraudulent negative reviews of companies that are often written by the owner of Ripoff Report himself in an attempt to extort money from the companies he’s written falsely about. In fact, our company was contacted by Ripoff Report directly and were told that if we were to pay them, they would remove any negative reviews about our company from their website. We did not agree to pay a website that thrives on scamming hard working and honest businesses.
But there’s good news! Our company has real reviews online from legitimate 3rd party sources. The first place you can find reviews on our company is the Shopper Approved website, which has the full list of Shopper Approved reviews for JW Surety Bonds.
JW Surety Bonds also has an “A+” rating from the Better Business Bureau, which is an organization that rates the quality of businesses across the U.S. Visit the BBB website to see the Better Business Bureau reviews for JW Surety Bonds.
If you visit our Google+ page, you can also find 100+ positive Google+ reviews for JW Surety Bonds.
If you have any questions, please feel free to leave a comment below, or leave a positive review if you’re happy with our service!]]>
Date Enacted: April 29, 2015
Date Effective: July 1, 2015
Recently, Kansas has updated the Kansas Money Transmitter Act. The amendments to this Act include an increase in the maximum financial security amount for money transmitters license bonds. Not bonded yet? Learn how to get your Kansas money transmitter bond.
With the revisions to these statutes come financial security changes. HB 2216 allows for an increase in the maximum amount of a surety bond (or other security) from $500,000 to $1 million as determined by the State Bank Commissioner. This increase must be based on one of two factors: an increase in business volume in the state or evidence of financial impairment, such as a reduction in net worth or financial losses.
The minimum bond requirement for licensure remains at $200,000.
If you’ve never been required to obtain a bond before, you may not understand how it works. A money transmitter bond (also known as a surety bond) is a type of insurance. It doesn’t protect the bond holder, but rather the public, by providing an assurance that the laws of the state will be adhered to. Businesses are required to obtain the bond in order to be licensed, and claims can be made against the bond if there is a breach of contract or other legal violation. While the bond may pay the claim, you will still have to reimburse the surety bond company.
Never applied for a bond before? No problem. Follow these simple steps to get one.
The premium is determined by the size of the bond and your credit score. Bond premiums vary but they’re generally about 1-3% of the total bond amount if you have excellent credit and could be as much as 15% of the total bond amount if you have bad credit.
If you still have questions or concerns about surety bonds, you can always contact JW Surety Bonds for assistance.
If you want to see the full text of this new legislation, please read the Kansas Money Transmitter Act.]]>
Date Enacted: April 17, 2015
Date Effective: August 1, 2015
You may have noticed that oilfields have been in the spotlight lately. Improper disposal of oilfield waste in particular has many communities in North Dakota concerned. New legislation addresses special waste originating from commercial oilfields. North Dakota has sought to alleviate improper disposal by introducing a special waste recycling program.
The changes come in conjunction with ND Department of Health projects aimed at creating standards for this type of business. In terms of how this might affect you, this new legislation introduces the likelihood of a new commercial oilfield special waste recyclers bond requirement.
Since this is a new law, you may not know how to find the bond you need or if you even need one. No worries though, we’ll cover all the basics of the bonding process. Since the program that accompanies this legislation is new and still developing, it’s best to contact the North Dakota Department of Health regarding any licensing related questions.
In terms of bonds, you need to know that if you are a commercial oilfield special waste recycler, you need to post a bond in connection with your licensure. The bond amount is dependent by the amount of money it would cost to remediate any release or disposal of materials or water which violate state regulations. This applies to both the recycler’s property and premises as well as the place where the treated or untreated materials are taken to for use or disposal.
You’ve found out you’re required to have a surety bond, but your first question is: what is a surety bond? Surety bonds are a kind of insurance policy for the government and the public. It protects them if you fail to fulfill your contract or violate state law. If this happens, the claimant can file a claim against the bond, which, in this case, will result in the cleanup of any oil spills or other hazardous waste.
You purchase a bond by paying a premium, a percentage of the total bond amount. During the time that you have the bond, you’re required to follow all of its terms. Claims happen when you don’t follow the terms. If a claim is filed, you’re expected to pay the cost of the claim, plus legal fees. Your bond is backed by a bonding company who will require all owners of your company to sign an agreement pledging your assets to reimburse the bonding company for any claims filed.
Since bond rates rely on your credit score, the best way to do this is by improving your credit. Bond approval is based mostly on your credit score, so keeping your accounts in good standing is important. It’s also a good idea to make sure you don’t utilize more than 20% of your credit limit on any credit card. By doing these things, you’ll have optimized your credit and paved the way for a better bond premium.
Read the full law regarding commercial oilfield special waste recycler bonds.
Do you think this new law will change oilfield waste recycling? Tell us what you think.
Date Enacted: April 20, 2015
Date Effective: April 20, 2015
SB 877 TCA Title 66, Chapter 11 amends the Tennessee mechanic’s lien law and makes changes to contractors’ payment bond details. The revisions to Tennessee law attempt to make bonding and claim payouts a bit more straightforward for general contractors doing private work.
The mechanic’s lien act amends Tennessee’s mechanic’s lien law. These changes specifically affect prime (general) contractors who do private work and have posted a payment bond. The new law repeals the previous requirement that the bond pay for extras not included in the contract but authorized by the owner. This included things such as labor, materials, services, equipment, machinery, overhead, and profit. In the previous law, these extras could not be more than 15% of the prime contractor’s contract price.
In addition to removing the extras from bond amounts, changes to the claim process have been made. Claims on payment bonds provided for a project will not have to be filed in the county where the real property is located. The law states “where any portion of the real property is located,” so in some cases there may be more than one county that a claim could be filed in, adding flexibility to such claims.
Payment bonds are often something contractors deal with when working on public or private projects. You may have purchased one before or you may be new to the business. Either way, you may have some lingering questions about what a payment bond really is. In short it’s an insurance policy for the project owner to protect them against legal action should you fail to pay subcontractors, laborers or suppliers.
If you’re wondering how much your bond premium will cost you, know that it’s hard to give an exact answer without your application. Bond premiums are largely dependent on your credit. The premium is a percentage of the total bond amount and for excellent credit, it will usually be around 1-3% of the bond.
If a project owner has required a payment bond, it’s imperative that you avoid claims. A claim against your bond can be costly, both for your bottom line and your reputation. Remember that the bond is backed by your assets and you will be required to repay all claims.
Still need more info about this legislation? Read the full mechanics’ and materialmen’s lien act.
What are your thoughts on the new Tennessee mechanic’s lien law?
Date Enacted: April 14, 2015
Date Effective: October 1, 2016
Alabama’s SB 133 amends bond amounts for businesses and individuals selling petroleum products where an inspection fee is charged. The revised law also increases the list of entities required to post a bond. If you haven’t been required to post a bond in the past, you may need to know how to get your Alabama Motor Fuels Bond and how much it will cost you.
With the changes to Alabama’s law, you may be wondering who will need to post a motor fuels bond in 2016. The changes will affect anyone engaged in first person selling, importing, or who is a bonded distributor of dyed diesel, dyed kerosene, or lubricating oil. Permissive suppliers and suppliers who sell dyed diesel fuel or dyed kerosene at the rack at an out-of-state terminal to an importer for delivery into Alabama that is not a bonded distributor and doesn’t have a valid inspection fee permit; and suppliers, permissive suppliers and undyed diesel fuel sold to a licensed exempt entity (except the federal government) by a supplier or permissive supplier at the rack.
The prior Alabama fuel tax law required a bond of no less than $2,500 and no more than $5,000. The amended law requires a surety bond of $5,000. In the past the Department of Agriculture has been responsible for licensing and bonding administration and collection of taxes. With the amendments, this duty has been transferred to the Department of Revenue.
The first question most people have is, what is a surety bond? In simple terms, a surety bond is an insurance policy of sorts. However, it’s not like homeowners’ insurance or car insurance, because a surety bond protects the public. Generally, surety bonds protect citizens and governments when companies fail to meet their contractual obligations or break a law.
The bond application process is easy. First, get a license application from the Alabama Department of Revenue. Then, you may apply for a surety bond directly on our website. Once you have obtained the bond, send both the bond and license application to the Alabama Department of Revenue.
Now that you know how to get a bond, you probably wonder how much it will cost you. While it’s hard to give an exact price due to variations in credit histories, a general set of guidelines can be given. First, you should know that a bond premium is a percentage of the whole bond amount. The premium amount is directly based on your credit score. If you have excellent credit, your bond premium will generally be about 1-3% of the total bond amount. However, if you have bad credit your premium can be as much as 15% of the total bond amount.
For more details, read the full enacted law on motor fuels.
Tell us how you feel about these changes.
Date Enacted: May 4, 2015
Date Effective: November 1, 2015
Oklahoma has recently made changes to license bond laws for public insurance adjusters. The changes come as a protection for storm victims in this Tornado Alley state. According to a recent article in Insurance Journal, Oklahoma’s Insurance Commissioner John D. Doak states SB 439 attempts to protect Oklahoma storm victims, and ensure transparency and accountability in the insurance adjusting process. The amendment also increases bond amounts for public adjusters. Are you up to date with the changes? Read on to learn more about what revisions have been made and how they may affect you. Plus, learn how to get your Oklahoma Public Adjuster’s Bond before the bill comes into force!
If you are a public insurance adjuster, you will now pay more for your bonds. In the past, a license bond of $10,000 was required. When the revisions take effect, the bond amount will increase to $25,000.
A surety bond is a type of insurance. It doesn’t protect the bond holder, but rather the public at large (consumers or the government). This really depends on who the particular business serves. Businesses are required to purchase the bond, and claims can be made against it if there is a breach of contract or other legal violation. While the bond may pay damages, you will still have to pay the surety bond company for the claim. When you have claims against you, you risk your reputation and your profits.
The bonding process is simple and easy. First, get a license application from the State of Oklahoma Insurance Commission. Then, apply for your public adjuster license bond. Once you get your approval, simply send your bond and your application to the State of Oklahoma Insurance Commissioner.
Read the full Oklahoma Public Adjusters License Bond Bill for more details.
< ??>Do you think the amendments will help protect consumers or hurt small business?