Surety Bonds On The Rocks – Yacht Surety Bonds

Written by JoAnn Smith on January 24th, 2017. Posted in On The Rocks, Surety Bond Blog

There are 2 Yacht Surety Bonds required in Florida and California Yacht Industry.

Yacht Salesman Bond

Two states, California and Florida, have Yacht Surety Bonds requirements for yacht salesmen to have a Yacht Salesmen Bond as part of their licensing regardless of whether they work through a broker or independently. Because each state can have different regulations regarding this licensing bond it is suggested that individuals be familiar with their individual state’s requirements. In Florida any yacht salesman who wants to upgrade to yacht broker must first be licensed and be bonded for two years before applying. The Yacht Salesman Surety Bond protects both clients and the brokerage business from malpractice or deceitful acts by the yacht salesperson. There may be other requirements from the state beyond the surety bond to be licensed as a Yacht Salesperson in the state of California or Florida.

Yacht Broker Bond

Anyone who acts as a broker for yachts or ships can be required by the state that the company does business in to have a Yacht Broker Bond as part of the licensing process. For California and Florida, the most common places where this type of business is found, the parameters of that license can change from state to state. For instance, in Florida the boat or yacht must exceed 32 feet to fall into this category. The bond will ensure that the broker will fulfill the requirements of the law regarding the provisions of the state’s Yacht and Ship Brokers Act and all individual state requirements. It will also require the broker to be accountable for any financial transactions related to the sales of yachts or ships. Generally the Yacht Broker Surety Bond will be required for the license for the business and a Yacht Salesman Bond will also be required for each individual salesman employed by the brokerage. Click Here to Apply
Surety Bonds On The Rocks
Boat Drink:  2oz Spiced Rum (Captain Morgan’s); Splash of Tunic Water and Rim Glass with Lime.  To a glass of ice add Captain Morgan’s spiced rum.  Add a splash of Tonic water.  Rim glass with lime. Drink. Enjoybonnie happy hour

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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 – Highway Use Tax Bond

Written by JoAnn Smith on October 21st, 2016. Posted in On The Rocks, Surety Bond Blog

Bond Type:   Highway Use Tax bond
Definition:  A Highway Use Tax Bond is a license and permit surety bond that guarantees the payment of taxes, fees, penalties and interest due to various states and the federal government by motor carriers (trucking companies) operating certain motor vehicles on public highways. Typically there is a minimum weight requirement and the vehicles must be commercial in nature. The amounts vary by jurisdiction and depend on the number of vehicles in a fleet, the weight of the vehicles and the method used to report the tax. The bond guarantees payment of these taxes whose revenues are used for highway construction and maintenance projects. These bonds are also known as Heavy Vehicle Use Tax surety bonds and Mileage Use Tax surety bonds.
Requirements: 
  • Application on BuySurety.com
  • US citizen
  • Nothing derogatory on your credit report

Obligee:  Department of Transportation for your 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 cider Sangria  1 ½  Oz Bourbon; 1 tsp fine sugar; 2 small cloves; 1 ½ boiling water  Add bourbon, sugar, and cloves in old fashions glass or mug Add 1-2 oz (or more if desired) of boiling water and stir.  Enjoy bonnie happy hour

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Surety Bonds on the Rocks – Surety Bond Cost

Written by JoAnn Smith on October 12th, 2016. Posted in On The Rocks, Surety Bond Blog

Surety Bond Cost

Surety bonds are not something people wake up and say, “Oh, I think I’d like to get myself a surety bond today.” The fact is, you’re reading this because someone is requiring you to obtain a surety bond in order to conduct some type of business or service. As soon as you discovered that you needed a surety bond, you might have asked yourself, “what does a surety bond cost?” We’ll try to help you come to grips with your surety bond requirement. When trying to determine your surety bond cost, it helps to first understand all the parameters that go into creating a surety bond quote. The reason one needs a surety bond to begin with is because they are involved in something with risk. There’s risk involved in the activity around which the surety bond is required for. One of the primary elements of that risk is the surety bond applicant’s credit rating. For someone with good credit, for example, the surety bond costs will likely be 1-3% of the bond amount.

LOW COST SURETY BOND WITH GOOD CREDIT

For example, the Florida MVD bond requirement is $25,000. So an applicant with good credit could pay as low as $250 for this surety bond.Credit Score Matters and is the primary determining factor in the cost of the bond.Compare that with someone with a poor credit rating. It’s very hard to give rough estimates for bad credit surety bonds. Fortunately, BuySurety.com specializes in credit surety bonds, and we are confident that we can provide the lowest cost a credit surety bonds, and it’s a credit is so bad that we cannot provide a surety bond, and chances are nobody can.

BAD CREDIT

Bad credit surety bonds can cost up to 20% of the bond face value. In the example of the Florida MVD, that means that the cost of the surety bond could be as much as $5000 for someone with poor credit. For this reason, it is imperative that individuals with poor credit engage an expert at BuySurety.com to make sure they get the best possible surety bond quote. How do I apply for a surety bond?  Click here, complete the application and we will do the rest:  BuySurety.com
On the Rocks: Green Fantasy, 1 oz Dry Vermouth; 1 oz Melon Liqueur; 1 oz Vodka  Build in a cocktail glass and garnish with kiwi fruit slices.  Enjoy bonnie happy hour

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Surety Bonds on the Rocks – Surety Bond Definition

Written by JoAnn Smith on October 6th, 2016. Posted in On The Rocks

The Surety Bond Definition

Small business principals, much like corporate CEOs, have numerous responsibilities such as crafting a business plan, creating sales forecasts, administering to legal issues, managing risk, obtaining appropriate business insurance, taking care of finances, accounting and taxes, managing personnel, and much more. And, many small businesses are, at some point, required to have a surety bond.

What is a Surety Bond?

A surety bond is a binding agreement between three parties. This agreement sets forth a financial guarantee by one party ( “surety” ) to another party ( “obligee” ) that a third party ( “principal” ) will fulfill required obligations to the obligee, and that state, federal, and local laws and applicable regulations will be adhered to. Let’s examine each of the three partie
1. Principal
The principal is the first part of the surety bond definition. This is the business owner that is required to present the bond. This might involve a specific project (as is the case in contract surety bonds) or it might be a stipulation for doing business in a particular state (as is the case with commercial surety bonds).
2. Obligee (pronounced ob-li-jee)
This party, the second part of the surety bond definition, is the one requiring the surety bond to begin with. In the case of a construction project, this would be the project owner. For commercial bonds, this is typically a municipality such as state, county, city, with states being the most common type of obilgee in commercial surety bonds.
3. Surety
The surety is typically an insurance company that will issue the surety bond to the in exchange for a premium payment, which is much like a standard insurance premium. As the final element in the surety bond definition, They are most concerned with determining the risk associated with the surety bond agreement. The overall credit worthiness of the principal is one of the main factors they use when determining the risk, and thus the premium. Who Needs Surety Bonds? While the most common form of surety bond is used for construction, there are numerous types of surety bonds available for a wide variety of business and industries such as medical suppliers, mortgage and insurance brokers, auto dealers, health club owners, Notaries Public and more. Surety bonds can be a critical part of the success of any business owner as they help protect public and private investments by providing a secure foundation.  
Nuts & Berries 1 1/2 oz Black Raspberry Liqueur; 1 oz Hazelnut Liqueur; 1 1/2 oz Half and Half Cream.  Shake and strain into a cocktail glass.  Note: can also be made by the pitcher and served as shooters.  Enjoy!bonnie happy hour

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