How Is A Surety Bond Rate Determined?

August 25, 2016 by · Leave a Comment 

One of the first questions most people have about surety bonds is how much are they going to cost. A surety bond rate is a part of what determines that cost. Jurisco works with every client to deliver a low surety bond rate to make surety bonds cost effective.

What are some key factors in determining a surety bond rate?

Image of definition of cost benefit analysis which is used to lower a surety bond rateA surety bond rate is determined by a variety of factors including the value of the bond, any court fees, state costs, and even credit score. Yes, bad credit can impact surety bonds, too. The value of the bond is often set by the state or the court. Value for a wage garnishment bond, for example, is determined by the total amount of wages to be garnished.

At Jurisco, bond professionals consider everything when calculating surety bond rates. This way Jurisco can offer low bond rates to clients in every state.

Is paying a surety bond rate better than paying in cash?

Surety bonds tend to be more cost effective when compared to paying large sums in cash. Not even large corporations can pull together huge sums of money in a short timeframe. This coupled with only having to pay a small fraction of the cost up front make surety bonds better than paying in cash.

A low bond rate is going to be far cheaper than paying the total value of the bond in cash. A replevin bond that is worth double the amount of the value of the property involved in the bond. Imagine paying that in one payment. The surety bond rate covers everything and is more affordable.

How does Jurisco always offer a low surety bond rate?

Jurisco is a nationwide surety bond provider that benefits from having state by state expertise. They know the state requirements and how to avoid costly mistakes. Bond professionals can help clients in every state find a low surety bond rate.

Want to know more about low surety bond rates? Contact Jurisco to speak to a bond expert at 800.274.2663 today.

Release Of Mechanic’s Lien With A Surety Bond

February 10, 2016 by · Leave a Comment 

Whether or not it occurs at an individual or a business level, liens can cause a lot of trouble. One of the fastest ways to clear up lien disputes is to secure a release of mechanic’s lien surety bond.

Use a surety bond to release a mechanic's lien.

Use a surety bond to release a mechanic’s lien.

Allowing a lien to remain leads to legal fees, along with the possibility of seizure of property. Each state has a mechanic’s lien statute that outlines the do’s and do nots of a lien. A major ‘do not’ is to ignore the lien.

Transfer a Lien

A lien can be placed on property if a defendant is alleged to owe the plaintiff money. Courts in every state allow a lien as a way to secure the amount in question until the matter is resolved.

Liens may be used on places of businesses as well as private property. A common use of a mechanic’s lien is when a contractor, or the employee of the contractor, claims to have not received payment.  Until the lien is properly removed, there are legal bindings on the property, such as the restriction of sale.

The release of mechanic’s lien can happen in two ways: through immediate payment of the disputed funds or with a surety bond.

A release of mechanic’s lien is the more cost-effective approach out of the two. Especially if the owing party feels they don’t owe anything.

Surety Bond Rates

Jurisco has a team of surety bond experts that help clients lower their release of mechanic’s lien cost. As a nationwide surety bond company, Jurisco knows all state regulations. This expertise always delivers low surety bond rates.

Working with a reputable company provides the guarantee of meeting all applicable federal and state lien guidelines.  This avoids additional legal costs resulting from filing the wrong bond or not meeting the time restrictions.

A release of mechanic’s lien application is available online. Filling out an application only takes a few minutes. In most cases, a release of mechanic’s lien bond is secured the same day the application is received.

Contact Jurisco with any questions about a  release of mechanic’s lien bond. They’ll help make the lien process easier.

What To Look For When Comparing Surety Companies

February 9, 2016 by · Leave a Comment 

Surety companies seem to run together when doing a basic search. Not all surety companies are created equal, however. In order to have the right bond at the right surety bond rate, it is imperative to know what to look for when comparing surety companies.

Now sure, Jurisco may seem a bit biased about which surety bond company is the right one. Of course, the surety bond experts believe themselves to be the best choice. Following are a few things anyone in need of a surety bond wants to consider. It just so happens that Jurisco excels in all three areas.

Surety Bond Expertise

Bond seekers benefit from working with a surety bond expert.

Bond seekers benefit from working with a surety bond expert.

What are the state requirements? Are they different from other surety bond requirements? Working with a surety bond expert lets people across the country meet their personal state mandates.

Surety companies who employ reputable surety bond professionals have an easier time of delivering a bond quickly. Since experts know the ins and outs of all state surety bond requirements, it is easy for them to secure the correct bond.

Line Of Communication

Is a surety expert easy to talk to? How long does it take to receive a reply about an application? Time is very important when it comes to surety bonds. Surety companies who drag their feet leave clients exposed to further undo costs.

It must be simple to contact surety companies. Automated messages, outdated information and other run arounds just waste time. If there is a feeling that a surety bond company isn’t listening then cut them loose. Surety bond companies not only have to answer for their practices, but explain them as well.

Competing Over Surety Bond Rates

Talented surety bond underwriters are essential in delivering low surety bond rates. Again, this is where working with surety bond experts really pays off. The combination of rate resourcefulness and bond experience allows clients to receive lower rates. Even clients with bad credit can find a lower credit by threading through surety bond companies to find the right one.

Knowledge, communication, and rate ability have to be looked at with all surety companies. The lawyer trained staff at Jurisco delivers on all three points. When reviewing surety companies Jurisco welcomes the consideration to be the surety company of choice.

Controlling Bonding Cost

February 3, 2016 by · Leave a Comment 

Bonding cost is also a factor when anyone needs a surety bond. Whether a defendant in a case or a business requiring a license and permit, bonding cost is important.

Jurisco works with clients to deliver the best surety bond rate possible to control bonding cost.

When A Business Needs A Bond

Work with a surety bond expert to limit bonding cost.

Work with a surety bond expert to limit bonding cost.

Businesses are always looking out to avoid unexpected expenses. By having the correct license and permit bond they sidestep unnecessary legal trouble from the state where they do business. Auto dealers in particular have to be on the lookout for auto surety bonds.

Knowing how a surety bond can help a business helps maintain bonding cost at a low rate.

Consumers and citizens also know the impact of a surety bond.

A good example of this is happening in Illinois. The St. Louis-based Peabody coal company is offering to put up its assets to cover the reclaiming of three Illinois coal mines. Residents are calling for the company to be required to post surety bonds covering the costs.

A surety bond still works even if the company files for bankruptcy (which three other coal companies have).

What Determines the Surety Bond Cost?

The type of surety bond, credit score, and involved risk determines the cost. What prompts the necessity of the bond also plays a role in calculating the surety bond rate. For example, if a court has to order the bond they may tack on additional fees and court costs.

Surety bonds can be divided into four parts: defendant bonds, plaintiff bonds, license and permit bonds, and probate and fiduciary bonds.

No matter what type of surety bond is required, the surety bond underwriters know every state’s guidelines. This helps control the cost by avoiding unnecessary bonds.Working with the surety bond experts at Jurisco helps lower bonding cost. They know how to secure the best bond possible.

Receive The Best Surety Bond Rate

Contact Jurisco to start the surety bond process now. The experts will work to deliver the lowest surety bond rate possible for the type of bond required.

Controlling bonding cost is just one more way Jurisco surety bond experts help clients secure the right bond.

Lowering Surety Bond Bad Credit Rates

February 2, 2016 by · Leave a Comment 

Surety bond bad credit worries are understandable. The requirement for a surety bond doesn’t budge. Credit scores, however, can change things. Working with the right surety bond company helps keep bad credit ratings manageable.

Credit Scores And Surety Bond Rates

Don't let bad credit prevent a low surety bond rate.

Don’t let bad credit prevent a low surety bond rate.

Surety bond bad credit ratings will vary depending on the credit score. A credit score is a typical way that individuals and companies are tested in terms of risk.

Nerdwallet provides a nice synopsis of credit scores and how bad credit is determined. Often bad credit is a result of bankruptcy, tax liens, court judgment, or delinquent payments.

The standard range of credit scores is:

  • 300-629: Bad Credit
  • 630-689: Fair Credit
  • 690-719: Good Credit
  • 720-Up: Excellent Credit

A credit score is only one factor that a surety bond company reviews when determining the surety bond rate.

What Determines A Surety Bond Rate?

Other factors change the surety bond bad credit rate, too. Factors such as type of surety bond, the value of judgment, coverage time, and collateral can affect surety bond rates.

Posting collateral is often more expensive than posting a surety bond no matter the credit score. Collateral can also take longer to be returned. However, a combination of collateral and a bond can lower the surety bond bad credit rate.

To avoid the hassle of collateral it is helpful to work with a surety bond bad credit expert. The Jurisco staff works with clients from every credit score bracket to deliver a secure surety bond fast.

Quick Way To Lower Surety Bond Rates

One proven way to handle surety bond bad credit situations is to work with a reputable surety bond company. Working with a nationwide surety bond provider gives clients with all types of credit a better chance at receiving a lower bond rate.

Jurisco is a nationwide surety bond company that employs bond experts who know each state’s guidelines. A surety bond bad credit rate is lower when working with a more well known company like Jurisco. This is in large part due to the surety bond professionals understanding the best way to handle bonds.

Immigration Consultant Bond

January 18, 2016 by · Leave a Comment 

Even in a non-election year immigration is a hot topic. When it’s not being debated about by presidential candidates, immigration is being discussed with the borders of the states. This is why an immigration consultant bond is always important.

What Is An Immigration Consultant Bond?

immigration consultant bondAn immigration consultant bond is a type of surety bond required for any person serving as a consultant to those who are seeking to work, visit, move to America.

Since an immigration consultant is entrusted with visa papers, legal identification and proper documentation, the individual wishing to the enter the country takes a risk by using this third-party service.

The immigration consultant bond protects both the immigration consultant and person using their business. However, the strengthening of the bond has been done in the total effort to protect those using a consultant.

California Immigration Consultant Bond

Back in 2014 Jurisco discussed the changes in California immigration consultant bonds. California doubled the immigration consultant bond requirements to $100,000 to ensure the quality of consultants.

The idea behind the increase is better consultants provide better, fairer services to those wishing to come to California.

Fulfilling The Promise Of A Dream

California is not the only state dealing with the immigration issue. As America continues to sell her Dream it isn’t hard to understand why so many people want to call this country home.

The immigration bond helps people make the trip to America for a vacation or to set up a permanent residence. It’s just one good step towards a better way of handling the flow of immigration.

No Bond, No Consultant

Before serving as a consultant, a surety bond must be secured. The bond must be renewed each year to avoid a lapse in coverage. Anyone offering nonbonded immigration services is not complying with state mandates.

Jurisco is the surety bond company that will make sure all state requirements are met. Since they operate nationwide they have local expertise combined with low surety bond rates.

Find the answers to your immigration consultant bond questions by contacting a Jurisco surety bond expert now.

When To Contact A Surety Bond Company

January 13, 2016 by · Leave a Comment 

It’s true that not everyone is going to need a surety bond. People with a business, or who are involved in a legal situation, most commonly require the services of a surety bond company.

surety bond companyA surety bond is a form of protection. Akin to insurance, surety bonds financially cover against a range of scenarios including court actions, business practices, government projects.

Determining Bond Necessity

Are you a landlord wanting to evict a tenant? Do you offer travel services? Is someone selling your property without consent? Just from those three quick examples, it’s easy to see how a surety bond company can play a role in a spectrum of situations.

Each state requires surety bonds so geography doesn’t prevent bond responsibility.

Commerce, Court, Construction

Often bonds are automatically required for certain businesses. A seller of travel bond is required for any individual or company offering travel services. The Small Business Association helps businesses navigate state mandates with a good list of surety bond FAQs .

Courts accept a bond from a reputable surety bond company to cover action taken by the defendant or plaintiff. For example, a replevin bond allows the plaintiff to seize property before a judgment in the case.

Construction projects are often bonded to guarantee work will be completed. A wage bond guarantees construction company employees will be paid for work. Governments also use a surety bond to allow the municipality to switch vendors/contractors if contractual obligations are not met.

Respected Surety Bond Company

No matter their necessity of the bond, it is only accepted through a respected surety bond company. Courts don’t like to take risks which is why a court mandates the bond in the first place. So choosing the wrong bond company could be a big mistake.

Every state may require surety bonds but they do not all require the same things. This means it is important to work with a surety bond company familiar with local restrictions.

Jurisco is a nationwide surety bond company with experts serving every state. That nationwide reach also helps clients by giving them lower surety bond rates. Discuss your bond necessities with a Jurisco surety bond expert.

How to Choose Best Surety Bond Company

March 12, 2012 by · Leave a Comment 

Choose Best Surety Bond CompanyChoose Best Surety Bond Company isn’t a decision taken lightly. As a nationwide surety bond provider, Jurisco knows firsthand that it doesn’t matter which state you are in, people want a qualified bonding company. Courts from California to Georgia, and all the states in between, require surety bonds to protect defendants, plaintiffs and even beneficiaries from a financial loss. Bonds including a supersedeas bond, garnishment bond, and guardianship bonds are mandatory and differ state to state. With the right help, clients can avoid high-risk bonds and high prices.

How to Choose Best Surety Bond Company, consider the following:

  • Expertise and background
  • Speed of service
  • Surety bond rates

A simple Google search can reveal 100s of companies claiming to be the best and most reliable. With the right keywords, any business may appear credible, so it’s important to know the company’s background. How long have they worked in the surety bond business? Do they specialize in court bonds? Can they tell you how license and permit bonds are different in Texas and Illinois? Understanding their level of expertise will help you gauge your confidence in whether or not the surety bond company can handle your needs.

The level of service you receive should always be a deciding factor. Not only is professional service important, it should be mandatory. Will an automated machine answer your questions or a real person? How quickly will you receive feedback once you fill out a court bond application? Does the company have a headquarters or do they operate strictly online? At Jurisco, our bonding experts are trained by lawyers to deliver the best level of service possible. We don’t recommend our clients accepting anything less.

Surety bond rates are always a factor when reviewing a surety bonding company. Bond rates are determined by a variety of criteria. Be sure to find a surety bond company that considers all the factors instead of making a baseline price that will have you paying more in the end. People with low credit scores want a company that will minimize the risk of bad credit, as this can cause an increase in court bond cost. The bond writer should clearly explain the bond rights and responsibilities as well as all cost associated with each bond.

If you have a question about a particular surety bond company, and how they differ from Jurisco, feel free to contact us. We always encourage questions about our expertise in court bonds and how we help clients in every state.

 
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