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, …
January 15th, 2021 Hedging Super Bowl Bets? Sports Wagering Bond Spells Opportunity for Insurance Agents Sports wagering, or betting, has always been a popular activity among fans. However, many bettors have historically been severely limited in regards to the avenues where they can legally place wagers on sports games. Until recently, Nevada was the only …
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December 30, 2020 Major Changes to the PPP Explained President Trump recently signed into law the Consolidated Appropriations Act of 2021, which in part, allocates roughly $284 billion towards replenishing the Paycheck Protection Program. The initial PPP program was far from perfect, leaving some unfortunate businesses unable to secure funds. The businesses that did receive …
December 16th, 2020 Surety Bond Basics: Underwriting Guide As an insurance agent, you’re most likely familiar with the underwriting requirements for insurance products. The insurance company estimates the likelihood that an unexpected event will occur, and charges the insured a premium rate based on that assessment. Surety bond underwriting incorporates these principles, but unique to …
Insurance Agent’s Guide to Surety Bond Claims November 19th, 2020 As the first point of contact, insurance agents play a vital role in the claims process. Understanding the basics can improve communication with clients and lead to higher satisfaction and retention. Surety bonds have some unique characteristics that make the claims process different from most …
Free Auto Dealer Bond eBook We have compiled a Free Auto Dealer Bond eBook containing the bond and licensing requirements for new and pre-owned car dealers in all 50 states and the District of Columbia. In this eBook, insurance agents will learn: The bond requirements for auto dealers in all 50 states and the District …
Agent’s Guide to NMLS Surety Bond Filing November 12th, 2020 The Nationwide Multistate Licensing System (NMLS) is a platform used by many states as a licensing portal for mortgage and related financial services licenses. As an insurance agent, your financial services customers will be required to file their license applications, and corresponding surety bonds, through …
Surety Bonds vs. Letters of Credit: The Ultimate Guide October 22nd, 2020 Federal, state, and local governments require many businesses to obtain a license to ensure that they engage in ethical business practices. To protect the public should the business fail to do so, businesses are often asked to post a form of “financial security” …
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October 15th, 2020 Residential Repairs from Hurricane or Flood Damage Might Need a Surety Bond The 2020 hurricane season is underway and insurance companies and their agents are preparing for the ensuing damage and the insurance ramifications. In the aftermath, construction companies will play an important role in the repair of damaged buildings, many of …
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October 9th, 2020 Insurance Agent vs Broker: Do You Need a Surety Bond? If you’ve read any of our previous articles, you should have a general understanding of surety bonds and the selling opportunities they offer insurance agents. But did you know that insurance agents may need to purchase a surety bond for their own …
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