Bonding companies will often agree to write risks they typically would decline by requiring collateral along with the premium. This is a good solution in certain circumstances, but clients would be wise to carefully read their collateral agreements prior to signing on the ‘X’.
Surety Bonds Blog
Colorado currently has no bond requirement. However, there are groups pushing legislation for a $100,000 bond requirement. Read about the current bond market and how accepting it would be of a bond of this size.
Many clients have the misconception that they will get a discount for obtaining multiple bonds through one agency. Unfortunately, quite the opposite is usually true.
Small software developers find it extremely difficult to obtain a surety bond to guarantee their contracts. Most bonding companies do not have enough knowledge or large enough of a workforce to underwrite software development.
The California mortgage broker surety bond is an all around easy bond to obtain. However, mortgage brokers should do their homework on state requirements, as there is more than one type of license that one can obtain.
People often mistake surety bonds for just another type of insurance. There are numerous differences separating the two. First, we will go over what they actually guarantee. Next, we will… Read more »