Understanding Commercial Bonds Commercial bonds stand for a broad category and include many bond types. They count over a hundred different insurance contracts. Usually, the principal, a business or an individual, needs to maintain a license or a permit for a specific occupation and purchases a commercial bond. The obligee, an organization or an agency, […]
A mortgage broker bond is a type of surety bond that is required in order to obtain a license to operate as a mortgage broker in some states. The purpose of the bond is to protect consumers from financial harm caused by the actions of the mortgage broker. Finding a trusted surety agency to help […]
A performance bond is a type of surety bond used in construction projects to protect against the risk that a contractor will not complete the work as required under the terms of the contract. A payment bond is a similar type of surety bond that is used to protect subcontractors and suppliers from nonpayment by […]
The surety bond market has been in a “soft market” for over a decade. This greatly benefits our clients as it offers lower premiums and broadens the appetite for sureties used in underwriting. However, we have seen an influx of creative marketing tactics accompanying the soft market. I want to offer a couple of definitions […]
It’s no secret that obtaining a liquor license is a difficult task. With so many obstacles to overcome and the enormous profit margins associated with selling alcohol, obtaining a liquor license for your business is like discovering a pot of liquid gold. You’re in luck if you want to learn how to get started. The […]
The Employee Retirement Income Security Act (“ERISA”) established regulations and standards of behavior for private sector employee benefit programs and their respective trustees to safeguard private pension plans and other employee benefit plans from being mishandled and misused. One of the regulations is that the fiduciaries in charge of the money and other assets must […]
By now, most of you reading our blog already know the basic intricacies of the surety bond industry. But as with most things in our lives, it doesn’t hurt to dive deep into the respective roles of the producer and underwriter, since you will be working alongside them to get the surety bond you need. […]
A career as a mortgage broker can be both enjoyable and financially and emotionally rewarding. Mortgage brokers, also known as mortgage loan originators (MLOs) or mortgage bankers, provide an important service by connecting borrowers with lenders, allowing more people to purchase homes nationwide. Those with a passion for math, a knack for solving problems, and […]
Bonding capacity matters, even more than some people realize. You’ve probably wondered and looked for ways to increase your company’s surety bond capacity. But how? Bonding capacity can either hold your company back or make it move forward. Increasing one’s bonding capacity is a must in today’s growing world. It can make your business go […]
When it comes to a company’s image, fidelity bonds are often a good solution. These forms of surety bonds shield a company’s clients or other third parties from employee wrongdoing. They are used in a variety of sectors, from janitorial services to pension administration, and it’s important for someone working in these sectors to understand […]