Choosing a surety bond company doesn’t always seem like an easy decision especially if this is the first time being faced with the task. Today we hope to make the decision at least a little easier for those searching. Regardless of which state you are in here are 5 must-haves for a surety bond company.
Surety bond companies need to understand a client’s need for their bond “right now” or “five minutes ago.” In fact, one of the issues leading Jurisco to open was how long the surety bonding process was being drawn out.
Missing a court deadline will only add to bond expenses and court fees. If a bond can be written in a day, it should be, to deliver the highest level of quality to the client. That’s always the best solution.
Applying for and being approved for a surety bond should not be a drawn-out process. Find out before you apply how long the bonding process will take.
Before trusting a company to handle your surety bond needs outside of civil court bonds, learn about their reputation.
If you cannot communicate with the surety bond company then you may be better off finding another source. Communication means more than an easy-to-use website and a person on the telephone. Your bonding company should be able to tell you what’s going on and answer any questions you have in a timely manner.
Has the surety bond company operated in your state before? As this blog has pointed out in the past, state mandates and agency regulations are different throughout the United States. Finding a bonding company that is knowledgeable to what your state requires is helpful in the surety bonding process.Jurisco is a nationwide surety bond company.
Surety bonding companies can offer a wide range of services or specialize in one area. At Jurisco we specialize in civil court bonds including appeal bonds, replevin bond and administrator bonds. While other companies may offer this in their wide range of services their knowledge base may not be the same. When you need a surety bond for any bond outside of probate or civil court we would recommend finding a company that specializes in your needs.
Bad credit scores may affect surety bond costs including requiring collateral and increasing the bond cost. As more people deal with unpaid credit card bills, past due mortgage payments, and even late car payments, the concern over bad credit is rising. Like job applicants, surety bond applicants may find their credit score doesn’t work in their favor. Financial administrators can clear up low credit scores, but Jurisco experts can help minimize the score’s impact on surety bonds right now.
Clients with good history could see bond cost as low as between one and four percent of the total bond amount. However, those with bad credit could see that range widen between five and 20 percent. State regulations (contact a Jurisco representative to discuss your state mandates) also play a role in how credit is used to determine cost. A good credit score generally equals a lower bond fee, but Jurisco is able to keep rates low for most applicants with bad credit as well.
While this is not an exhaustive list of traits for the best surety bond company, we hope it is at least a good start when comparing bonding options. If you have any other questions about civil court bonds, probate and fiduciary bonds, and license and permit bonds you can contact Jurisco today. Jurisco is a nationwide surety bond company which means we are always the surety bond company near you. We hope you have a productive search for your surety bond company and a positive experience with whichever company you choose.