Why Surety Companies Ask For Social Security Numbers It’s a tale as old as time. An insured is in need of a surety bond, and when they go to fill out an application, they are prompted to input their social security number. Confused, they reach out to their insurance agent for clarification on why this …
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Introducing Automated Financial Underwriting Picture this: Your customer needs a high-risk surety bond with a large bond limit. You submit an application to your traditional surety carrier on your customer’s behalf and receive a response indicating that the bond will not be approved unless your customer provides financials. What ensues is an arduous series of …
BondExchange Automates Contract Surety Contract bonds account for the majority of surety bond premiums written, provide agents with significant cross-selling opportunities, and can generate large commission checks. However, obtaining a quote on these bonds has always been mired by the constant back-and-forth needed to collect underwriting information. And while we made it our mission …
What to do Before Applying for a Surety Bond For many surety bond applicants, time is of the essence. Whether to operate their business, submit a bid on a construction project, or claim ownership of their vehicle, your customers have a lot riding on their bonds. However, most first-time surety applicants have little knowledge …
Why Surety Bond Form Language Matters October 28, 2021 For most insurance products, the quoting and issuing processes are pretty straightforward. You obtain a quote, your customer pays a premium, and everyone’s happy. Your customer may need to present a regulatory agency with proof of insurance, but there generally isn’t an additional step after they …
Why is it so Hard to Quote Surety Bonds? September 29, 2021 Surety bonds can be difficult to quote, and many insurance agents have experienced this first hand. Whether it be the outdated technological platforms, extensive underwriting requirements, or general lack of guidance throughout the process, one thing is certain; obtaining a surety bond for …
Understanding Surety Bond Collateral Requirements September 14, 2021 In certain circumstances, your customers may be required to put up collateral to qualify for surety bond coverage. When faced with collateral requirements, your customers are likely to ask you something along the lines of “why do I need to put up assets as a prerequisite to …
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Understanding Indemnity Agreements August 23, 2021 Surety bonds are subject to indemnification, meaning that the principal (your customer) is required to repay the surety company for all claims and claims handling expenses. Surety bonds are unique from other types of insurance, and the indemnity aspect of these bonds can potentially throw off agents (and …
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 …
Why Do Surety Companies Examine Credit? July 14, 2021 Surety bonds have a unique set of underwriting requirements not present in other lines of insurance, and arguably the most important aspect of surety underwriting is examining the principal’s (your customer’s) credit history. Surety bonds are a niche product, and chances are your agency specializes in …
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