What does it mean to be bonded? You may have asked this question yourself. Or maybe you’ve hired another party that advertised their business as being “licensed, bonded, and insured.” Being bonded can provide a level of assurance and protection for your customers. But what exactly is the meaning behind behind bonded?
Category Archives: Surety Bonds
04
May
May
As a notary public, you play a vital role in legal transactions by verifying signatures, administering oaths, and attesting to the authenticity of legal documents. However, with this power comes great responsibility. That’s why many states require notaries to have notary bonds. Throughout this article, we’ll cover everything you need to know about notary bonds, […]
03
May
May
When searching for service providers, you’ll likely come across the term “licensed and bonded” quite frequently. But what exactly does it mean, and why does it matter? In this article, we’ll explore the basics: what being licensed and bonded means, the benefits of licenses and surety bonds, and the risks involved if you either hire […]
15
Feb
Feb
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 […]
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.