Surety2000 Electronic Surety Bonds is a system designed to deliver bid, performance and payment bonds electronically to obligees all across the country. While Surety2000 was created over 20 years ago, it has yet to be accepted widely. With the onset of the 2020 worldwide Covid-19 pandemic, many owners have started requiring the use of Surety2000 Electronic Surety Bonds. Surety1 expects the use of electronic surety bonds (ESB) to increase exponentially as a result of this pandemic. Once the pandemic eases, they will continue to use ESB delivery method due to its ease of use and reduction in paperwork. According to Surety2000.com,
Every surety company in the United States including carriers and brokers are registered users of Surety2000. Already used by Departments of Transportations across all 48 mainland states, a broad range of U.S. government agencies and large private construction companies.
Surety2000 is the most common and oldest e-surety delivery system currently in use in the United States.
Registration for Surety2000 is easy for contractors. Contractors can register online directly with Surety2000 for an annual fee of about $350.00. Once registered, the bidding process is similar to the old, paper way, only everything is submitted electronically. A contractor would still request bid or final bond approval from Surety1. Once approved, the bid, or performance and payment bond will be submitted directly to the obligee (entity requiring the bond).
Contractors new to surety bonding can establish a surety bond with Surety1. The fastest way to get started is to apply online. Once Surety1 secures surety credit for you, then register to get established for Surety2000 Electronic Surety Bonds. Surety credit is a credit product, not an insurance product. The underwriting process is similar to obtaining a loan. The larger amount of credit needed, the more information that may be required.
Surety1, is the premier surety bond only agency since 2003. In November of 2019, Surety1 become part of AssuredPartners, one of the nation’s top 15 surety and insurance brokers. Surety1 maintains an A+ rating from the Better Business Bureau and represents over a dozen, A rated, surety bond companies.