To the right we will
try to give you a basic overview of ratings. There are many factors that make up individual ratings. For the applicant, in most circumstances, it boils down client credit. In addition to credit, the surety will want to know about your experience. Lastly, each surety sets their own ratings based on their own experience.
Arguably, the largest group
of surety bonds. It includes everything from Adjuster to Yacht Broker. Generally speaking these bonds range from 1% - 20% of the penal sum of the bond. For example, if you need a $25,000 bond and the rating is 1% you will pay $250 for the bond. We make every effort to find and deliver the lowest rate.
Probate rates are a bit different.
Estate bond are tiered. Some sureties charge more and some less. To give you an idea the first $5,000 is $10 per thousand. The next step is $6 per thousand up to $200k, from $201k-$500k is $4 per thousand and so on. We compare ratings al the time and will usually provide you a couple of options.
Contract - Bid
and Final Bonds
Contract bonds are pretty easy
to get. Our specialty is emerging, small and medium size construction companies. The ratings generally are between 1%-3%. These rates can go much higher and are dependent of a few factors such as credit, experience, and what type of job the contractor is performing. We will help you through the entire process.
A word about underwriting
Surety bond underwriting can be very straight forward and it can be very complicated. It simply depends. Suffice it to say that the higher the penal sum of the bond, the type of business, and client's credit can dictate the underwriting process.
Works like creditSurety bonding works a lot like obtaining credit. Often times a surety can ask for a personal financial statement, business financials, bank statements, and many other supporting documents. Don't worry. We will help you through the entire process.
Financing a Surety Bond
Some bonds that we place in the nonstandard market
can be financed. We do work with a several sureties that place some clients with challenged credit in nonstandard markets. What this means is that the bond rating may be higher than the 1%-3% standard rating on many bonds. In most instances, if we place your bond in the nonstandard market and your rating is 10% or higher (depends upon the bond) we may be able to obtain financing for you. Once we provide a quote for you, we will indicate if financing is available on your bond.
Locate your bond and apply
Once you've located your bond, you apply right online. We receive it and begin working on placing your bond.
After we find the best rating for your bond
We will contact you with a formal quote and the next steps to complete the process.
The final steps include.
Selecting the exact start date of the bond, collecting the paperwork, submitting premium and determining how you'd like to take delivery.
It's really that simple :-).