January 11, 2006 by Michael Weisbrot
Money transmitter surety bonds are becoming a difficult class of business to place. The bond is not quite as risky as the quickly fading ICC freight broker bonds, but can be almost as hard to find a surety willing to write it at a reasonable rate.
Many bonding companies feel the nature of the business is simply too risky; therefore they do not write them, period. Other sureties will write them, but only for existing money transmitter companies with extremely healthy business financial statements and a long claim free history. However, there are a handful of bonding companies that realize money transmitter bonds can be written at reasonable rates even for new companies or for owners with a less than flawless history.
JW Bond Consultants, Inc. can write money transmitter bonds with ease. Whether the bond is for a new company, owners with credit flaws, or whatever the reason other agencies may give for declination. The volume of bonds written on a daily basis allows our agency to offer offer exclusive bond programs. Granted, rates vary depending on the risk of the applicant, almost any scenario can be written.
If you are a principal or a broker having difficulty placing a commercial bond, try applying online. Many of our programs offer an online approval with immediate rate information.
