Government Shutdown Impacts Surety1

Last updated on Monday, April 3rd, 2017 1 Comment

The only product sold at Surety1 is surety bonds. While there are thousands of different types of surety bonds, there are three specific types of bonds offered by Surety1 that are not available because of the government shutdown.  While I am sure trhere are other bonds impacted by the shut down, not being able to provide these three bonds negatively impacts the revenue of Surety1 and more importantly, my ability to earn my monthly bonus.  The three bonds are:

• Customs Bonds – through our website, www.bonds4customs.com  Surety1 would provide about 2 U.S. Customs bonds every day.  With the government shutdown, we cannot file these bonds.
• Medicare Bonds (Also called DMEPOS Bonds)- Surety1 has very competitive rates for this type of bond.  The initial bond requirement came out in October, as such, many of these bonds renew in October.  In a “non-shutdown” year, Surety1 would routinely write a multitude of new Medicare bonds as potential customers re-shop the bond at renewal.  The bond is required by the Federal Government so once again, there is no place open to send a replacement bond.
• BMC-84 Transportation Broker Bond – The new requirement of a $75,000 surety bond went into effect October 1 and the bonds must be in place by October 31. This bond is electronically filed and because of the shut down, there is no way to file it.

Hopefully our members of congress will grow up and do what we hired them to do and pass a budget soon.  That way I can do what I do best;  provide surety bonds to our customers.

Posted in Federal Bonds. Tagged with: bmc84 bond, government shutdown, medicare bond, surety bond, US Customs Bond