Surety Bond, Surety Bonds, Surety

“According to research conducted by the Association of Certified Fraud Examiners (ACFE), U.S. organizations lose an estimated 7 percent of annual revenues to fraud. Based on the projected U.S. Gross Domestic Product for 2008, this percentage indicates a staggering estimate of losses around $994 billion among organizations, despite increased emphasis on anti-fraud controls and recent legislation to combat fraud.” www.acfe.com”

A Fidelity Bond protects an employer from employee theft. Usually, insurance companies and security firms are required to obtain a fidelity bond. Essentially Fidelity Bonds guarantee the employer’s money and property in the event that an employee causes damage though negligent or a dishonest. Fidelity Bonds or Employee Dishonest bonds are usually required by private obligees but are required by some government entities.

Its primary coverage is employee theft. This will pay for loss or damage to money, securities and other property directly from theft or forgery by an employee.  Several other agreements can be added or included in your Fidelity policy to protect you from someone other than an employee.  Such as:

Forgery or Alteration

Inside the Premises – Theft of Money & Securities

Inside The Premises – Robbery or Safe Burglary of other property

Outside The Premises – Theft of Money & Securities and Robbery of Other property

Computer Fraud

Money Orders And Counterfeit Currency

Other coverage could apply depending on the type of business and insurance company providing the policy.

If you have any questions please feel free to visit our  Surety Bond Forum

After your surety bond has been approved,  you will need a General Indemnity agreement (GIA)

The GIA is requiered by the Surety Company, it is the contract between you and your business stating that if a surety pays out on a surety bond claim that you will pay back the surety. Basicly you are indmenifing the surety to hold the surety company harmless.

Here a few pointers to help you fill out your Surety Bond application and obtain a quick approval.
When filling out your Surety Bond Application make sure that you have your correct name that must appear on the bond usually whatever name you registered with the Obligee is the name that must appear on the bond. 

Personal financial

The Personal financial is important because the surety will evaluate this information to determine if you can pay back a surety bond claim. When filling out the personal financial  make sure you have listed all of your assets and liabilities. To determine what your net worth is subtract your total assets minuses your total liabilities.

Business Financial

Even though a business financial statement is not always required, if one is requested include your Balance sheet which contains your assets and liabilities, also your profit and loss statement,  Usually if a business financial statement is required  a year end statement is requested with your most current statement.

Resume

A resume should never be over looked it can make or break a submission a surety company loves to see someone with experience. 

Our online Surety Bond application should not take no more than 5 minutes to complete and is streamed lined to help you obtain a fast approval.

To become a Washington Contractor there are a few requirements that must be met before the State will grant you your license. One of the requirements is for you to obtain a license bond not to be confused with a payment and performance bond.

Washington has a General Contractor License and a Specialty Contractor License. The General Contractor License gives you the ability to perform or supervise numerous building trades or crafts. The surety bond requirement for this is a $12,000 General Contractor License Bond.

The other Washington Contractor License Bond requirement is for a Specialty Contractor License. This license is for a Contractor who can perform one building trade or craft. The Washington Specialty Contractor License Bond is a $6,000 bond. Both Specialty Contractor Bonds and General Contractor Bonds must file their Surety Bonds with the Department of labor and industries which is the obligee.