Indemnity is a common term in the surety bond and insurance industries, but it can be confusing. What’s the real meaning behind it? Is an indemnity bond the same as a surety bond, or are there differences between the terms? Today, we’re going back to the basics. Consider this your Indemnity Bonds 101 Guide. By […]
Category Archives: Surety Bonds
21
Dec
Dec
Effective January 1, 2023, contractor license bonds, qualifying individual bonds, and disciplinary bonds for all licensed contractors in the State of California will increase to $25,000. This announcement was first publicized in 2021 as a result of Senate Bill 607. The contractor license bond will increase from $15,000 to $25,000, and qualifying individual bonds will […]
26
Oct
Oct
Several variables determine whether a construction project ends up being successful. One of the most important factors is the subcontractor’s performance. There’s no secret to that statement, which is why we’re seeing the number of subcontractors requiring bonds increase. Bonds Can Increase a Subcontractor’s Chances for Success Whether it’s the project owner, general contractor, bank, […]
21
Jun
Jun
Effective July 1, 2022, the Connecticut Department of Motor Vehicles (DMV) requires the following businesses to increase their current license bonds. Vehicle repair shops Motor vehicle dealers (new and used) Leasing and rental entities A license bond is required of applicants in various industries to meet state requirements to obtain a business license. In this […]
30
May
May
Various bills have recently been filed in Oklahoma regarding the production, use, and regulation of cannabis. Lawmakers are proposing many changes to the state’s marijuana industry, including a $25,000 bond requirement – regulated by the Oklahoma Medical Marijuana Authority (OMMA). The state is also considering adding marijuana rights to the Constitution. During the 2022 November […]
17
Sep
Sep
SBA bonds are surety bonds guaranteed by the Small Business Administration. Today we’ll take a deep dive into SBA bonds to help you understand what they are and if they’re suitable for your project. The Basics of Surety Bonds Contractors and construction companies often utilize surety bonds. A surety bond is a three-party agreement guaranteeing […]
10
Sep
Sep
After the underwriting process is complete and you’ve been informed of the good news – an approval on your bond request – you may be wondering what to do next. Here’s how the process generally works. The Bond Approval Process A bond approval means you have passed the bond underwriting process and met or exceeded […]
19
Aug
Aug
Understanding Surety Bonds We’ve already done an in-depth explanation of what surety bonds are, but we’ll sum it up briefly. A surety bond is a three-party agreement, a written contract between the principal, the obligee, and the surety. The document is issued by a surety and legally compels the principal to fulfill contractual services or […]
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