Bonding is a very common procedure in both the business and legal world. In fact, many contracts require bonding, and court bonding is often required under Florida law. In most cases, it’s not difficult to obtain a surety bond when you work with a reputable bonding company. A good credit history is almost a guarantee that the prospective client’s application process for a bond will go smoothly. Even clients who have a poor credit rating can usually obtain a bond through a specialty market.
The process of obtaining a bond is much like that of applying for a bank loan. Generally, the smaller the amount of the bond, the less information the client needs to provide to the bonding company in order to determine character and financial ability.
There a few steps that are taken to determine the client’s eligibility to obtain bonding. First, the bonding company looks at the client’s personal and business credit record through a company such as Dun & Bradstreet or Experian, which can indicate whether or not payments have been promptly made.
Next, we look at the client’s financial statements such as balance sheets and income statements. A financial statement isn’t always necessary when applying for a lower-priced bond. A higher-priced bond requires greater capital. For large contract bonds, other information such as a copy of the client’s trade license, evidence of current insurance certification, and a current work-at-hand statement will be helpful in determining eligibility for bonding.
No matter what type of surety bond you need, we at Simon Insurance Agency can help you easily obtain one. We quickly guide our clients through the process and spare them the confusion they might encounter if they would choose to apply for the bond alone. For over 30 years, our professionals have assisted our clients obtain every type of surety bond imaginable from probate bonds to contract bonds to performance bonds to license and permit bonds. Just call us today at 561.948.4141 or fill out the short online form. Our experts will provide you with a fast, free consultation, and in no time you will have the bond you need.