January 21st, 2021 Surety Bond Glossary for Insurance Agents Customers who need surety bonds often use terminology unfamiliar to most insurance agents. Agents with a basic understanding of common language used in the surety industry (“surety-speak”) can more effectively service their customers. You won’t hear much of this language from BondExchange underwriters, but regardless,
Alaska Conservator Bond: A Comprehensive Guide This guide provides information for insurance agents to help their customers obtain an Alaska Conservator bond. At a Glance: Average Cost: Calculated based on a tiered structure Bond Amount: Determined on a case-by-case basis (more on this later) Who Needs It: Certain conservators that have decision-making authority over the
Alaska Personal Representative Bond: A Comprehensive Guide This guide provides information for insurance agents to help their customers obtain an Alaska Personal Representative bond. At a Glance: Lowest Cost: Calculated based on a tiered structure Bond Amount: Determined on a case-by-case basis (more on this later) Who Needs it: Most personal representatives handling the estates
Texas Navigator Entity Registration Bond: A Comprehensive Guide This guide provides information for insurance agents to help their customers obtain a Texas Navigator Registration Entity bond At a Glance: Lowest Cost: $250 per year or $25 per month, based on the applicant’s credit Bond Amount: $25,000 Who Needs it: All navigator entities operating in Texas
Virginia Money Transmitter Bond: A Comprehensive Guide This guide provides information for insurance agents to help their customers obtain Virginia Money Transmitter Bonds At a Glance: Lowest Cost: 1.5% of the bond amount per year based on the applicant’s credit Bond Amount: Between $25,000 to $1 million (more on this later) Who Needs it: All money
Tennessee Flexible Credit Lender Bond: A Comprehensive Guide This guide provides information for insurance agents to help their customers obtain Tennessee Flexible Credit Lender Bonds At a Glance: Lowest Cost: 1.5% of the bond amount per year based on the applicant’s credit Bond Amount: $25,000 per office location to a maximum of $200,000 Who Needs
Tennessee Money Transmitter Bond: A Comprehensive Guide This guide provides information for insurance agents to help their customers obtain Tennessee Money Transmitter Bonds At a Glance: Lowest Cost: 1.5% of the bond amount per year based on the applicant’s credit Bond Amount: $50,000 plus $10,000 per additional office location to a maximum of $800,000 Who Needs
Pennsylvania Money Transmitter Bond: A Comprehensive Guide This guide provides information for insurance agents to help their customers obtain Pennsylvania Money Transmitter Bonds At a Glance: Lowest Cost: $15,000 per year or $1,500 per month based on the applicant’s credit Bond Amount: $1 million Who Needs it: All money transmitters operating in Pennsylvania Purpose: To ensure
Pennsylvania Consumer Discount Company Bond: A Comprehensive Guide This guide provides information for insurance agents to help their customers obtain Pennsylvania Consumer Discount Company Bonds At a Glance: Lowest Cost: $100 per year or $10 per month based on the applicant’s credit Bond Amount: $5,000 Who Needs it: All consumer discount companies operating in Pennsylvania Purpose:
Surety Bond Basics: Cancellation Notices August 5, 2021 Receiving a cancellation notice for a surety bond can be a pretty stressful experience. Many surety bonds act as a prerequisite to conducting business operations, and if your customer’s bond gets cancelled they may be required to shut down until they can obtain new coverage. If your
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