Surety Bonds on the Rocks – Auctioneer Bond

Written by JoAnn Smith on December 28th, 2016. Posted in Commercial Bonds, License and Permit Bonds, On The Rocks, Surety Bond Blog

Bond Type:  Auctioneer Bond  bonnie - auctioneer
Definition:   This bond is for professional auctioneers.  It protects the public from fraud and other misuse of the process of auctioning property.  Most states require that individuals file a surety bond before they can be licensed as a professional auctioneer or auction house operator. Just like other surety bonds, auctioneer bonds protect consumers in the event of fraud or other ethical breaches. With this particular bond, consumers are typically protected against the substitution of goods and/or the misrepresentation of auction items by the auctioneer.
Requirements: 
  • Application on BuySurety.com
  • US citizen
  • Nothing derogatory on your credit report

Obligee:  State
Typical Bond Premium: This bond is based on personal credit and business history.  A Principal with strong personal credit might pay between 1.5 – 3%.  If the credit is lower the premium could go as high as 4-15%
Surety on the Rocks:  Apple Pie Cocktail 2 cups ice ½ cup Whiskey ½ cup apple liqueur 1 cup cranberry juice Sliced apples for garnish Add to shaker:  Ice, whiskey, apple liqueur, and cranberry juice.  Pour into 2 rocks glasses, and garnish with a slice of apple.bonnie happy hour  

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Surety Bonds on the Rocks

Written by JoAnn Smith on August 12th, 2016. Posted in Commercial Bonds, Surety Bond Blog

Bond Type:  Public Adjuster Bonds
Definition:   This bond is required for the principal to behave in compliance with the laws and regulations of the department of financial services.  The bond protects the department from financial loss and allows the department to recover losses if the principal is found guilty of fraud.    
Requirements: 
  • Application on BuySurety.com
  • US citizen
  • There cannot be a felony or a disqualifying misdemeanor on the record.
Obligee:  State
Typical Bond Premium:  This bond is based on risk assessment using personal credit score and years in business.
Surety on the Rocks:  Strawberry Slush 1 oz simple syrup 6 oz pineapple juice 2 oz lemonade concentrate 2 oz orange juice concentrate 4 strawberries 2 oz rum Lemon lime soda Combine simple syrup with the pineapple juice, concentrates, and strawberries in a blender.  Add rum. Put mix into freezer and freeze.  Serve the mixture in a glass and top with lemon lime soda. three drinks

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Surety on the Rocks

Written by JoAnn Smith on June 7th, 2016. Posted in Commercial Bonds, License and Permit Bonds, On The Rocks, Surety Bond Blog

One of the most commonly asked questions in surety bonds is how much will my bond cost.  This is a much more complex question than one would think.  There are over 4000 commercial surety bonds required across this great nation.  Some carry a very low risk of loss and are typically priced at 1% of the bond amount required and are written pretty freely (meaning no credit check or financials required).  However, the majority of bonds carry a moderate to high risk of loss and require an underwriting review that includes person credit check of all owners owning 20% or more of the company. Then based on the credit review, the surety company will make an offer anywhere between 1-20% of the bond amount.  Other factors of the rating process include number of years in business, corporate financials and the loss ratio of the particular type of surety bond.  Having weak or poor credit will not necessarily disqualify you, but the following things may: Non-US citizen, owing child support and any past claims paid to a surety company.Apply Here
COD – 2 oz Orange Vodka, 1 splash of Sprite, Cranberry Juice  Fill a pint glass with ice.  Pour in vodka and cranberry juice leaving a little room for the splash of Sprite.  Enjoythree drinks

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Surety Bond News – Newly Enacted Laws

Written by JoAnn Smith on March 10th, 2016. Posted in Commercial Bonds, Idaho, Legislation, License and Permit Bonds, South Dakota, Surety Bond Blog, Tax and Fees Bonds, Virginia, Wisconsin

Idaho Tax Bond – HB 376 provides that the surety bond required for cigarette wholesalers must be equal to twice the estimated average tax liability for the reporting period for which a return must be filed, or the value of stamps in the wholesaler’s inventory including those ordered but not yet received, whichever is greater. Prior law required the surety bond only to be equal to at least twice the average tax liability. The new law repeals the $1,000 minimum bond amount. The new law became effective upon enactment. (03/02)
  Idaho Reclamation Surety Bond – Surface Mining – SB 1197 increases the maximum amount of the performance bond required to secure the reclamation of a surface mining site from $2,500 per acre to $15,000 per acre. The new law requires the State Board of Land Commissioners to issue a written notice of a rejection of an application for bond release that explains the reasons for the rejection. The new law becomes effective on July 1, 2016. (03/08)
  South Dakota Court Bond – Wage Garnishment – SB 1059 repeals court procedures for wage garnishment cases that include a requirement for the defendant to post a bond to secure payment of the judgment to the plaintiff. With the repeal of the procedures, the bond requirement has been eliminated as well. (03/02)
  South Dakota License Bond – Vehicle Dealers – HB 1083 requires off-road vehicle dealers to be licensed and post a $5,000 bond. (03/02)
  Virginia Court Bond – Trusts – HB 230 provides that a person could petition a circuit court to establish a trust. The court would determine the terms of the trust and the trustee, as well as whether the trustee must post a bond with or without surety. (03/01)
  Virginia Appeal Bonds – HB 437 revises the current law for appeal bonds and “suspending bonds” to clarify the procedures for modifying the amount of the bond to specify that a motion can be filed in court in addition the current practice of filing a brief. The new law permits the parties in the case to agree to waive the requirement of a suspending bond or to agree to a suspending bond in an amount less than the compensatory damages. The suspending bond amount also now must include an amount equivalent to one year’s interest calculated from the date of the notice of appeal. The new law specifies that if the party filing the appeal provides cash in an amount equal to the judgment, then surety will not be required for the bond. (03/01)
  Wisconsin Financial Assurance – Radiological Materials –  AB 426 establishes a permit requirement for transporting radiological materials in the State. The Department of Transportation could require the permittee to provide a bond, insurance, or a certified check to hold the State and any city, village, town, or county through which the vehicle, trailer, or semitrailer will be operated harmless from any claim, loss, or damage that results from the granting of the permit or from any action under the permit. (02/06)
  Wisconsin License Bond – Charitable Organizations and Miscellaneous Bonds – Professional Employer Organizatons – SB AB 778 revises the current bond requirements for professional employer organizations, which currently must maintain a working capital or post a bond or other security for at least $100,000, or if the PEO has a negative working capital, the bond or other security must be equal to $100,000 plus an amount to make up the deficiency. The new law eliminates the option to provide other forms of security in lieu of the bond when only a bond is posted in lieu of the working capital. The new law revises the surety bond requirement for professional fundraisers and fundraising counsel to delete a provision requiring the bond to be from “one or more responsible sureties whose liability in the aggregate as sureties at least equals [the bond amount].” The new law deletes an option for the bond to be a rider for a blanket liability bond and instead would require the bond to be prescribed by and acceptable to the Department of Financial Institutions. (03/01)  Buysurety law

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Surety On The Rocks

Written by JoAnn Smith on December 15th, 2015. Posted in Commercial Bonds, On The Rocks, Surety Bond Blog

The Facts about Business Service Bonds.   Business Service bonds also go by the names janitorial bond or employee dishonesty bond.  A Business Service bond is typically used by home health care companies, janitorial service companies, or any other type of business that will have employees in their customer’s homes or offices. A Business Service bond will protect your company from dishonest employees and it will protect your customers from losses that arise from a dishonest employee.  If you own a small business and are doing work for larger companies, they may require you be bonded.  Or if you work for people in their homes, they might be more confident in your business if you are bonded. The obligee (the entity that is requiring you to purchase a bond) is yourself for a Business Service Bond.  This means that by law, you do not have to be bonded to operate your company.  It is however, a bonus to many clients to do business with a bonded company. Being a bonded company will give you credibility and will let your clients know that you are an honest business and will always put them first. If a claim does arise against an employee that is working for you, the employee would need to be found guilty before the Surety company would pay out.  Business Service bonds come in many different amounts, starting at $2500 and go up from there.  Just fill out an application at BuySurety.com and our representatives will get back to you quickly with a quote.  BuySurety
  Surety on the Rocks: Christmas Morning Champagne Punch: ½  Cup Simple Syrup ½ Cup Lemon Juice 1 – Bottle Champagne 1 -2 liter Bottle ginger ale 1 Pint of your favorite fruit Sorbet – Orange, Raspberry… In the bottom of your punch bowl, mix together your simple syrup and the lemon juice.  Then pour in the Ginger Ale and Champagne at the same time.  Top with your sorbet and ENJOY! three drinks

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