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Surety Bond Blog

The Fourth Party to a Surety Bond

The Fourth Party to a Surety Bond

Unlike traditional insurance where there are two parties involved, the insured and the insurer, a Surety Bond is a legally binding contract between three parties. The obligee, the principal and the surety company. The principal is the one who needs the bond and applies for it. The obligee is the one that requires the principal to be bonded and determines …

 

Bond Renewals – Surety1 Explains

Bond Renewals – Surety1 Explains

Bond Renewals – Surety1 Explains
 What is a Bond Renewal?
 To understand what a bond renewal is, we need to start with what is the bond term. The bond term specifies the period of time that a bond is active. The term will be stated on the bond form. It is the Obligee (the party that’s requiring the bond) that …

 

Need a Title for my Vehicle

Need a Title for my Vehicle

Need a Title for my Vehicle
You just bought a car and the seller did not provide you with a title to the vehicle. What can you do? Who can you turn to for help? Depending on what state you live in you may be able to get a title by first obtaining a surety bond.
The DMV in your …

 

Find an Immigration Consultant in California

Find an Immigration Consultant in California

Need Immigration Assistance in California?
In need of immigration assistance in California? Not every California Immigration Consultant is the same. While many abide by the Qualification Requirements, others do not. The Secretary of State’s Office is responsible for registering Immigration Consultants. They check that all required paperwork is filed and background checks are completed. They also ensure that applicants have …

 

North Dakota Collection Bond Increase in 2019

North Dakota Collection Bond Increase in 2019

On March 28th, 2019 the North Dakota Department of Financial Institutions announced that all companies currently licensed as collection agencies would be subject to a surety bond increase.
How and when does this change take effect?
 Effective August 1, 2019, Senate Bill 2093 will raise this amount to $50,000. Each existing licensee will have until no later than December 31, …

 

Current Changes and how to register for DMEPOS Competitive Bidding Program

Current Changes and how to register for DMEPOS Competitive Bidding Program

What is DMEPOS Competitive Bidding Program?
The DMEPOS (Durable Medical Equipment, Prosthetics, Orthotics and Supplies) Competitive Bidding Program was created by Congress for the Medicare Prescription Drug, Improvement, and Modernization Act of 2003. This law was passed with the intent to replace the fee schedule payment system with a contracted bidding process. This was an attempt to reduce out-of-pocket expenses …

 

grading permit surety bond

Grading Permit Bonds Explained

A grading permit bond is often required by cities and counties when a home owner or builder applies for a permit to build. While it’s not a state or federal mandate, many cities opt for a bond to ensure the builder is in compliance. As anyone who has ever applied for a building permit knows, it can be a frustrating …

 

How to Get Your Florida Motor Vehicle Dealer Bond

How to Get Your Florida Motor Vehicle Dealer Bond

The Florida Motor Vehicle 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 …

 

Employee dishonesty bond

What is An Employee Dishonesty Bond?

Often referred to as a fidelity bond, an Employee Dishonesty Bond is a type of insurance coverage. It protects a business, a business owner, a not for profit company, and even a government entity from financial loss due to theft by an employee or volunteer. Proof of loss will have to be provided to collect, however, a conviction of …

 

Get Performance Bonds up to $500,000 on 2 page application

As Surety1 we often get calls asking what it takes to get bonded. While there are hundreds of types of surety bonds, contractors in public works need performance and payment bond when awarded a contract. And prior to being awarded the contract, they usually need bid bonds in order to properly bid on public works projects. This is one …