October 12th, 2009
Today we will discuss the differences of surety bonds and fidelity bonds
Surety bonds have no deductible but fidelity bonds do.
Surety bonds are required by obligees usually to comply with professional licenses.
Some Fidelity bonds are required to comply with a license requirement but not many. A fidelity bond is purchased to protect the employer from theft by an employee.
Surety bonds protect the public and do not protect the business from theft by an employee
Fidelity bonds protect the business that is bonded
Surety bond amounts are predetermined by the obligee
with fidelity bonds the business owner can choose the amount of protection they desire
The oblige for fidelity bonds is usually the business desiring the protection the oblige for surety bonds is usually a third party such as the state of federal government
WWIS is one of the largest surety and fidelity bond providers we can handle surety and fidelity bonds nationwide call today for a free surety and fidelity bond consultation
Tags: bond, free surety and fidelity bond consultation, surety, surety and fidelity bond providers, surety and fidelity bonds nationwide, Surety Bond, Surety bond amounts, surety bond vs fidelity bond, Surety bonds are required by obligee, surety bonds have no deductible, the differences of surety bonds and fidelity bonds
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October 12th, 2009
California Contractor License Bond
This bond is a $12,500 surety bond
Application Fees
Single classification……………………………$250.
Initial license fee (to be paid after exam) .$150.
Total fees required for original license …….$400.
You may obtain a bond form from either the bonding company or the Contractors State License Board. Certificates of deposit or assignments from banks, savings and loan firms or credit unions may be submitted as cash alternatives to meet the bonding requirements. There are several special requirements for the deposits, as well as special assignment forms which are usually available at the issuing banks or savings institutions. Please note that all cash alternatives to bonds must be retained by the Contractors Board for 3 years after the end of the last license period they cover, or for 3 years following the completion of the requirement. You must obtain an exemption certification to establish an exemption to the bond of qualifying individual for a responsible managing officer on a corporation license. To qualify for an exemption from this bonding requirement, the qualifying officer must own 10% or more of the voting stock or equity of the corporation.
All applicants for licensure are required to submit a full set of fingerprints for the purpose of conducting a
criminal background check. Fingerprints will be compared to the records of the California Department of Justice and the
Federal Bureau of Investigation to determine whether a criminal history exists. After an application has been accepted by
CSLB as complete (also known as “posted”), each individual listed on the application will be sent instructions on the
process for obtaining and submitting fingerprints as required by law. For more information, please visit CSLB’s website at
http://www.cslb.ca.gov/applicants/FingerprintQA.asp.
EXAMINATION ELIGIBILITY REQUIREMENTS
The qualifying individual for a contractor’s license is required to pass the written Law and Business Examination and a
specific trade examination if required, unless he or she meets the requirements for a waiver (see next page for information
regarding examination waivers).
http://www.cslb.ca.gov/Contractors/
Tags: California Contractor License Bond, Surety Bond
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October 12th, 2009
Recently there has been a change in West Virginia law increasing the amount of the MVD bond. This new surety bond requirement is now in effect. So when your bond comes up for renewal or if you are applying for a new bond, make sure that you’re obtaining the correct amount of coverage.
Who needs a West Virginia MVD bond?
Dealers are required to obtain as well as keep in this bond in order to keep their dealers license.
What is new MVD bond amount?
The New bond amount for West Virginia dealers has been changed from $10,000 to $25,000.
How A MVD surety bond works.
A surety bond is a unsecured loan designed to protect the obligee. Each state has its own MVD bond form as well as laws. You cannot use one Surety bond for all states you operate in you must have one bond for each state unless there is a federal bond needed and the state has no other requirement.
There is a MVD bond requirement for almost all fifty states. These bonds can gurantee a vairty of laws and state statues. MVD bonds can guarantee certain payments, registration, taxes and what ever else that is specified in the bond form.
Consumer tip:
MVD bonds protect the public
When looking around for a new or used car make sure that your dealer is licensed as well as bonded.
By doing so you can be assured that if fraud occurs you may be able to seek financial compensation.
Who can we help?
IF you are a new business or an existing business we can help. We not only help business obtain their bonds for licensing we can also help your firm with commercial insurance and fidelity bonds.
You can find out more in regards to surety bonds and new mvd bond requirements with future posts. If you have any specific questions give us a call or post a comment.
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