Surety Bond Frequently Asked Questions

If you need to cancel your bond, please call our office at (866) 722-9239 or reach out to us at info@suretysolutions.com.

Most bonds are cancellable and require a notice to be filed with the Obligee. If this is needed, please contact us and we will get the process started for you.

Some bonds are non-cancellable.

A Surety Bond is a contract between 3 people:

· the Principal (you)

· the Obligee (the person who requires you to get the bond) and

· the Surety (the surety company)

The purpose of a surety bond is usually to ensure the completion of a contract or fulfillment of rules/regulations.

A Surety Bond protects the public.

When you get a bond, you are usually promising one of two things: either the completion of a contract, or the fulfillment of rules/regulations. If someone feels you are have failed at one of these things, they can make a claim on your bond. A surety bond is basically like insurance for other people, paid by you.

Read more about the bond claim process.

Usually, the cost of a bond is based largely on your credit score.*

Generally, this is the breakdown: Good credit: Applicant pays 1-3% of the total bond amount Bad credit: Applicant pays 4-15% of the total bond amount

The cost of your bond is a one-time payment, not monthly.



*Other factors are taken into consideration, such as how long you have been in business, if you have solid financial strength, etc. Some bonds do not require a credit check. If your bond does require a credit check, it is always a soft-pull and does not negatively affect your credit score.

Read more about the important connection between your credit score and Surety Bond.

You only pay for your bond once.

You do not have to pay for your bond monthly unless you choose to finance your bond premium.

Some bonds must be renewed every year or every other year. In this instance, you will have to pay to renew your bond.

On our website, we take credit (Visa, Mastercard, American Express, Discover), debit and electronic check/ACH (for certain bonds).

We also take paper checks (for certain bonds) via mail.

For certain clients that pay large amounts on a regular basis, we allow them to pay via wire transfer.

Use our Payment Portal to pay for your bond.

We have financing options available for those who need help paying for their bond.

Generally, bonds need to be over $1,000 in premium to qualify for financing.

To see if you qualify, contact our office at (866) 722-9239.

If you need to apply for a bond that we do not have available online, please call our office at (866) 722-9239.

You can also submit a request using our quick interactive application.

Generally, we are unable to bond non-US citizens. This is because if there were a claim on your bond, it would be hard for us to collect payment from you.

Everything is circumstantial, though. So contact us if you would like more information. Our phone number is (866) 722-9239.

.

Once you purchase your bond and sign all required documents, we can mail your bond to you that same day or next business day.

We mail bonds via regular USPS mail. We have overnight shipping available for an additional $20.

Some bonds are electronic bonds, which means they do not need to be mailed to you. In these cases, you would be able to print the bond off from your home computer after purchase.

A GIA or Indemnity Agreement is a signed agreement between you and the surety company that states you will repay the surety if a claim occurs on your bond.

Many sureties will require a corporate, personal or spousal indemnity to ensure your bond is properly secured.

Your spouse might be required to sign due to personal net worth and common property laws used with securing your bond.

In some cases, the surety company will want your spouse to sign in case a claim occurs on your bond. The surety company does not want you to transfer all your assets to your souse to avoid repayment on a claim. This is just one of many reasons.

If you need to make changes on your bond (name change, address change, etc), please contact our office at (866) 722-9239 or info@suretysolutions.com.

Some changes might result in us having to issue a "rider". A rider attaches to the original bond and amends the bond with the changes. Some changes will result in a fee.

If you lost your bond, we might be able to issue you a duplicate original. Usually, there is a fee for this.

Please contact our office at (866) 722-9239 or info@suretysolutions.com.

Surety Bonds are non-refundable. We cannot give refunds.

If you've purchased a bond that you no longer need, please contact our office at (866) 722-9239 or info@suretysolutions.com. We might be able to refund a partial amount in certain circumstances. In all circumstances, though, the first year bond premium is fully earned.

If a claim is made on your bond, the surety company will usually investigate the claim to determine if it is valid or not.

If the claim is not valid, there will be no further action, but you might be responsible for any costs associated with investing the claim.

If the claim is valid, the surety company will remind you of your obligations and give you the opportunity to satisfy the claim.

If you fail to respond, defend or satisfy the claim, the surety company might arrange a settlement with the Obligee, then proceed with collecting the settlement (and any other fees incurred) from you.

Read about the bond claim process here.

To make a surety bond claim, find out what company issued the Surety Bond. You can normally call your state's licensing department to find out.

Then, contact that surety company's claim department and file your claim.

If you'd like to make a claim on a Surety Bond that we (Surety Solutions, A Gallagher Company) issued, please call us at (866) 722-9239.

Many bonds require a credit check, though some bonds do not.

If your bond requires a credit check, it is always a soft-pull and does not negatively affect your score.



Read more about the important connection between your credit score and Surety Bond.

Oh no! We're sorry.

Please let us know the issue below.

Give us a call at (866) 722-9239 or submit a request using the form below.