The Federal Maritime Commission (FMC) regulates international oceanic transportation. FMC requires Ocean Transportation Intermediaries (OTI’s) to show proof of financial strength through a FMC-48 surety bond, or OTI bond. The Federal Maritime Commission Bond ensures the protection of the public and the government from any possible harm caused by an OTI. OTI Freight Forwarders (OFF’s), as well as non-vessel-operating carriers (NVOCC’s), …
Occasionally, established contractors that do not do bonded work in normal course of business are asked to provide performance and payment bonds. One issue that sometimes arise in these situations is the contractor does not engage a construction oriented CPA to provide review quality financials statements. Performance bonds without CPA financials on a small scale may not be much of …
The Florida Car Dealer Bond is a requirement of the Florida Department of Highway Safety and Motor Vehicles for all motor vehicle dealers to provide a surety bond in addition to a completed application packet.
Why Do You Need This Bond?
If you are to do business in the state of Florida as …
Any project that is funded with Federal money and is over $250,000 in size will require performance and payment bonds. President Biden has just proposed a 2 trillion dollar investment in infrastructure. The overwhelming majority of this work will be bonded; meaning the contractor(s) bidding on this work will need to secure bid, performance and payment bonds.
There will not …
Probate bonds are required by the court when one is being assigned the role as a fiduciary of the estate of someone deceased or incapacitated.
Fiduciary / Probate
Both these bonds are broad terms that refer to an individual that is appointed to care for someone else in need. The surety bond ensures an individual will fulfill the court’s …
A contractor goes to his or her insurance agent in need of a performance bond and the insurance agent tells them “you do not qualify because of your credit”. Obtaining performance bonds with bad credit, while a bit of a challenge, can often be obtained through a professional surety bond agency like Surety1.
The Performance Bond Underwriting Process
The underwriting …
With the economy still recovering from the effects of the global pandemic, a new administration and seemingly no concern about he rising deficit, we could see a post election construction boom. Building infrastructure and other public works projects are both an efficient way to improve the economy and are politically visible tasks. The Federal Government will subsidies the battered state government …
The California Legislature passed CA S 908 that will require the licensure of debt collectors in the State of California. The California Debt Collectors Bond will be a requirement to obtain the license and the minimum amount of the surety bond will be set at $25,000. The law is to go into effect January 1, 2021, however licenses will not …
Effective October 1, 2020 the Alabama DMV License bond for motor vehicle dealers increases to $50,000. Now is a good time to shop for a better rate. You can do that by clicking here.
Before any master dealer license may be issued to a new motor vehicle dealer, used motor vehicle dealer, motor vehicle rebuilder, or motor vehicle wholesaler, the …
Surety1 just saved a client over $20,000.00 on their surety bonds.
It was a complicated deal. an estate was the principal (party requesting the bond) and the administrator of the estate had some credit issues. The transfer agent provided a quote for the necessary bonds, however, the principal wanted to save money on lost securities bonds and asked for a …
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.