Comments on: What Does A Bond Cost? http://www.jwsuretybonds.com/blog/what-does-a-bond-cost General to specific surety bond information, as well as current events within the industry. Sun, 21 Mar 2010 03:04:39 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Administrator http://www.jwsuretybonds.com/blog/what-does-a-bond-cost/comment-page-1#comment-626 Administrator Mon, 06 Jul 2009 13:29:53 +0000 http://www.jwsuretybonds.com/blog/?p=39#comment-626 Mr. Contractor, thank for your input. You are correct, the increase in premium from a standard market to high risk is outrageous. Unfortunately, there really is no middle tier market. We are in negotiations with some of our carriers to set up a middle ground for people just like you. While experience is an important factor, a low credit score typically means that the business's owner(s) are strapped for cash. This doesn't make them bad people, but does greatly increase the chances of a claim. Mr. Contractor, thank for your input. You are correct, the increase in premium from a standard market to high risk is outrageous. Unfortunately, there really is no middle tier market. We are in negotiations with some of our carriers to set up a middle ground for people just like you.

While experience is an important factor, a low credit score typically means that the business’s owner(s) are strapped for cash. This doesn’t make them bad people, but does greatly increase the chances of a claim.

]]> By: Mr. Contractor http://www.jwsuretybonds.com/blog/what-does-a-bond-cost/comment-page-1#comment-625 Mr. Contractor Sun, 05 Jul 2009 18:36:14 +0000 http://www.jwsuretybonds.com/blog/?p=39#comment-625 Due to the current economic crisis lots of contractors personal credit score fell below 650. The Bonding companies only looking at your credit score. They don't care if you are experienced, never had any problems or claim against your bond. They just want to collect the fees. If your credit score is low, and even if you are the best in your trade, be prepared for a 1000% - 2000% increase-in fees when you try to renew your bond. I personally newer heard of any case filing a claim against a 12,500 surety bond. Due to the current economic crisis lots of contractors personal credit score fell below 650. The Bonding companies only looking at your credit score. They don’t care if you are experienced, never had any problems or claim against your bond. They just want to collect the fees. If your credit score is low, and even if you are the best in your trade, be prepared for a 1000% – 2000% increase-in fees when you try to renew your bond. I personally newer heard of any case filing a claim against a 12,500 surety bond.

]]> By: Administrator http://www.jwsuretybonds.com/blog/what-does-a-bond-cost/comment-page-1#comment-534 Administrator Tue, 31 Mar 2009 20:42:21 +0000 http://www.jwsuretybonds.com/blog/?p=39#comment-534 Hi Thomas, Thanks for the feedback, it is appreciated. We were purposely vague in discussing the costs, as they fluctuate greatly due to... a. bond type b. applicant's credit score c. applicant's business financials d. applicant's personal financials e. who is requiring the bond f. bond language g. applicant's experience within industry ...and the list goes on. To top it off, the rates vary by carrier used as well and they can fluctuate as markets change. Hi Thomas,

Thanks for the feedback, it is appreciated.

We were purposely vague in discussing the costs, as they fluctuate greatly due to…

a. bond type
b. applicant’s credit score
c. applicant’s business financials
d. applicant’s personal financials
e. who is requiring the bond
f. bond language
g. applicant’s experience within industry

…and the list goes on.

To top it off, the rates vary by carrier used as well and they can fluctuate as markets change.

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