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Surety Bond Blog

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 …

 

How to Get a Florida Medical Marijuana Treatment Center License

The Florida medical cannabis market is estimated to be $250 million. This potential is certain to bring interest from companies. But how? In 2017, there was a Florida law limiting the number of medical marijuana licenses to 10, with 4 additional licenses for every 100,000 patients. A judge recently overturned this law, potentially opening up the flood gates …

 

Success Story – Damaged Credit Contractor Increases Bond Capacity

Surety bonds, specifically bid, performance and payment bonds, are the lifeblood of a public works contractor. Surety bonds are required under federal and state law whenever public funds are being spent. Bond capacity is based on the credit worthiness of the contractor. This would include personal and business credit, assets, liquidity, experience, among other things. When things are rosy, …

 

5 Ways to Increase Bond Capacity

How do I increase my bond capacity resulting in larger performance and payment bonds? This is one of the most common questions we get from our contractor clients. While it’s a straight forward question it’s not always a straightforward answer. This is due to the fact that a bond program is not a ‘one size fits all’ and ways …

 

Surety Bonds for Dentists?

Surety Bonds for Dentists?

Recent Medicare changes now require dentists who act as Durable Medical Equipment providers for Medicare-approved appliances (sleep apnea oral appliances) to secure a $50,000 surety bond. Previously, these dentists were deemed exempt from the federal DMEPOS bond requirement. These affected dentists are now receiving a letter from the Center of Medicare & Medicaid Services instructing them to get this surety …