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Surety Bond Terms Explained

Surety Bond Glossary for Insurance Agents

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,

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Alaska Conservator Bond

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

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Alaska Personal Representative Bond

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

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Texas Navigator Entity Registration Bond

Texas Navigator Entity Registration Bond

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

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Virginia Money Transmitter Bond

Virginia Money Transmitter Bond

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

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Tennessee Flexible Credit Lender Bond

Tennessee Flexible Credit Lender Bond

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

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Tennessee Money Transmitter Bond

Tennessee Money Transmitter Bond

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

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Pennsylvania Money Transmitter Bond

Pennsylvania Money Transmitter Bond

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

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Pennsylvania Consumer Discount Company Bond

Pennsylvania Consumer Discount Company Bond

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:

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Cancellation Notice

Surety Bond Basics: Cancellation Notices

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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