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 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 November 13th, 2015. Posted in California, Contractor License Bonds, License and Permit Bonds, On The Rocks, On The Rocks, Surety Bond Blog

CALIFORNIA CONTRACTOR’S LICENSE BOND   Recently in the state of California there was an enforcement of the law that all contractors must be licensed and bonded. At this time it was reiterated to the clients the importance of hiring only contractors that have an active license and bond. You might question why you need to be bonded.  The bond is required to ensure that active, reactivated, and new licensed contractors have the ability to cover any damages your client might encounter as a result of poor construction.  It also ensures your employees are paid wages that they have earned. In California all home improvement jobs that will cost over $500 in labor and materials must be completed by a company with a state issued contractor’s license and therefore they must be bonded.  These jobs can not be divided up into smaller contract’s to bypass this law. At BuySurety.com we are able to get a contractor license bond quote quickly for you.  All we require is that you fill out an application on BuySurety.com and fill in your license number.  With a clean license, we can get a fair and competitive quote for you within a few business hours.  Requirements from the state are:
  • The bond must be written by a surety company licensed through the CA Dept of Insurance. – At BuySurety.com we only work with surety company’s that are licensed in all 50 states.
  • The bond must be in the amount of $12,500 – This will increase to $15,000 on January 1, 2016.
  • The business name and license number on the bond must correspond EXACTLY with the business name and license number on the CSLB’s records. – If it does not match exactly it is imperative that you contact the CLSB and make the proper changes before you purchase your bond.
  • The bond must have the signature of the attorney-in-fact for the surety company.
  • The bond must be written on a form approved by the Attorney General’s Office.
  • The bond must be received at the CSLB’s office within 90 days of the effective date of the bond. – In most cases we are able to file the bond electronically for you.
Apply here:  BuySurety
  The Spicy Spiked Cider
  • 1 part Cinnamon liquor – I prefer Fireball
  • 2 parts Apple Cider – Trader Joes offers a great cider this time of year
  • Apples and cinnamon sticks
  • Cinnamon and Sugar
  • Garnish with an apple slice

Instructions

Warm your apple cider on the stove.  Dip your glass in some simple syrup and rim with cinnamon and sugar.  Add you Fire ball and a couple chunks of apple to your glass.  Pour your warm cider over and garnish with an apple slice.  Perfect to enjoy on a cold fall night.  three drinks

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Surety On The Rocks

Written by JoAnn Smith on November 6th, 2015. Posted in Commercial Bonds, License and Permit Bonds, Motor Vehicle Bonds, On The Rocks, Surety Bond Blog

SURETY 101   If you are a first time bond purchaser, you may be asking yourself many questions?  If you are lucky, the person telling you to buy one will also give you a phone number or website information for a reputable bonding company.  That’s where we come in.  At BuySurety.com we will walk you through all of the steps and answer all of your questions.   A common question is “What is a Surety bond?”  A surety bond is a legal contract between yourself (the principal), a second party (the obligee), typically a government office or court depending on the type of surety bond needed, and a third party (the bonding company that issues the bond).   Another question is “What does a surety bond do?”  A Surety bond guarantees payment, the maximum payment is the bond amount, to the obligee for any damage or loss caused by the principal.   There are numerous types of surety bonds out there and we will work with you to find the exact type of bond you need.  Questions we may ask you are “Who is the obligee?”, “What is this bond guaranteeing?”,  “What do you need this bond to do?”,  “What is the amount you need to be bonded for?”, or “Do you have a bond form?”.  These questions help us identify your needs and make the process run smoothly.   Most surety bonds can be applied for and purchased within 24 hours.Apply Here
  Halloween Brew 1 part Pumpkin Pie Vodka 3 parts cranberry juice Splash club soda Build in order over ice in a tall highball glass and garnish with lemon or lime.three drinks

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