Government agencies will often require surety bonds to be posted for occupations where an individual is granted a higher level of responsibility. For example, most states require private investigators, process servers and title agents to post surety bonds in order to keep their license in good standing. A surety bond is essentially an unsecured insurance policy and can be drawn against should your actions damage another (physically or financially).
Determine the amount of coverage required by the institution requiring the surety bond. Also, be sure to determine whether the surety bond or power of attorney needs to be notarized, and the location to submit or “post” the bond. This information can typically be found on the institution’s website or by contacting them directly.
Contact a surety broker to apply for a surety bond. Many brokers are available, each with varying rates, so be sure to shop around for the best price.
Complete the application and return it to the broker. The broker will return a quote for the cost of the bond, typically within 48 hours. Several factors go into the price of the bond, but the most important factors are your line of work and credit history. Depending on these factors, rates can very from 1 to 15 percent of the total surety bond value annually.
Pay the fee assessed by the broker in order to be issued the surety bond. Brokers typically accept payment in the form of cash, check, money order or credit card. The original surety bond and original power of attorney will be mailed to you once payment has been received.
Do not sign the documents until you are absolutely certain that they are not required to be notarized. If they need to be notarized, take them to a notary prior to posting.
Take the surety bond and original power of attorney to the institution and post the bond. Sign the document (if not already signed and notary is not required) and give the bond to the institution representative.
http://www.findfreightloads.com/
truckerhunt.com/
Menu