Surety Bonds: The Hidden Gem For Insurance Agents Agents who leverage quality surety brokers can profitably write surety bonds and generate leads for other insurance lines. Surety bonds offer insurance agents a unique opportunity to differentiate their agency by providing an essential business product that can lead to many other insurance selling opportunities. The problem? …
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Pod Teaching Unknowns Spell Opportunity for Insurance Agents September 1st, 2020 Schools nationwide have suspended most in-person instruction for at least the fall semester of the 2020 school year, forcing educators to transition students to on-line instruction. With many parents still working from home without the necessary resources to facilitate their child’s school day, some …
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August 26th, 2020 Colorado Auto Dealer Bonds Just Got Even Less Risky We have uploaded a blog post to Suretypedia, a wiki based site that contains valuable information for insurance agents seeking to learn more about bonds. The article details the effects that new legislation passed in Colorado will have on consumers’ ability to recover …
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August 25th, 2020 New Opportunity for Alabama Insurance Agents – Auto Dealer Bond Increases to $50,000 In an effort to combat Motor Vehicle Dealers from illegally selling faulty vehicles by acting as private sellers, a practice known as curbstoning, Alabama has passed House Bill 393 which increases the surety bond requirement from $25,000 to $50,000. The …
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Virginia Skill Game Bond – Opportunity or Peril We recently published our first article as a contributor to Suretypedia, a great resource for insurance agents looking for information on bonds. The article focuses on a new hard-to-place bond in Virginia for skill game operators/distributors. The initial bond is due July 10, 2020 in amounts ranging …
Insurance Agents are Eligible for Forgivable Loans The Coronavirus Aid, Relief, and Economic Security (CARES) Act recently signed into law contains an important provision known as the Paycheck Protection Program (PPP) designed to provide relief to small businesses affected by the coronavirus pandemic. The PPP directs $349 billion towards job retention and business operating expenses …
Agent’s Guide to the SBA Surety Bond Program What is the SBA Surety Bond Program? The SBA’s Surety Bond Guarantee Program helps small contractors, who would otherwise not be approved by a Surety company, obtain bonding. This program provides an outlet for these contractors to obtain a bonding line for projects up to $6.5M by …
What are the insurance requirements for Georgia auto dealers? Georgia used car dealers must submit an original $35,000 surety bond and proof of garage liability insurance (minimum of 50k/100k/25k or single limit of $125,000) with their license renewal every even year (2018, 2020, 2022,..) on March 31st. The surety bond must be effective for 2 …
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Not all surety bonds expire on fixed dates; the vast majority expire one year after issuance. But with that said, there are a healthy number of licensing requirements for local, statewide, and even federal surety bonds that do expire on the same date every year, regardless of when the bond was issued. And since we …
Surety Bond Renewals: 3 Helpful Tips for Insurance Agents As a general rule, surety bond renewals are simpler than the initial application. But there are still some things to know that can help ensure the renewal process is smooth and painless for your customer. In this article, we will go over three helpful tips for …
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