FREQUENTLY ASKED QUESTIONS
WHY DO I NEED A SURETY AGENT IF I ALREADY HAVE AN INSURANCE AGENT?
Surety is not insurance! While some insurance agencies which handle contractors may have an in-house Surety Dept., most insurance agents are not familiar with what is needed to obtain and maintain a surety line for their contractor clients. Negotiating a surety line requires specific knowledge of financial analysis, a thorough knowledge of the surety companies operating within a specific geographic area, good relationships with the surety underwriters and knowledge of what their appetites and criteria may be, and an understanding of how the contractor operates and runs his/her company. A surety agent will work together with your insurance agent and other financial consultants to provide your company with the tools you need to prosper.
MY COMPETITOR GETS BID/PERFORMANCE BONDS AND HIS BUSINESS IS SMALLER THAN MINE. WHY CAN HE GET THEM AND I HAVE DIFFICULTY?
There are many factors that are considered when a surety bond is issued. The complete financial picture of each company and its owners are analyzed in context. No two contractors are alike, and each company must qualify on its own respective merits. Your surety agent will guide you to the right bonding company for your business, and will help you qualify for the maximum bonding line.
HOW LONG DOES IT TAKE TO GET A CONTRACT BOND/BONDLINE?
A great deal of financial and other documentation is needed to apply for bonds, just as for any other type of credit, including mortgages or bank lines. We will help you gather the correct information in the correct format, and will submit your information to the appropriate companies as quickly as possible. The length of time it may take to get your bonds will depend on how fast you are able to provide the required information to your agent, and how quickly your agent handles the submission. At Jasper Surety, our goal is to get you results quickly so you can turn your attention to obtaining and completing your jobs.
HOW LONG DOES IT TAKE TO GET COURT BONDS?
Our normal turnaround time for all forms of Court bonds is generally 24-48 hours. In some cases, we can even have the bond delivered to your office the same day.
MY ATTORNEY SAID I NEED TO GET AN ADMINISTRATION BOND. WHAT DO I HAVE TO DO? HOW MUCH WILL THIS COST?
Feel free to access our easy to use bond applications online by clicking on “Administration bond” or call our office to discuss your situation. We will need a few court documents to support the review which are outlined within the bond application. The cost of a bond is known as “bond premium”. We do not charge any hidden fees. Premiums are calculated on the actual bond amount.
WHAT IF I LOSE AN OFFICIAL DOCUMENT THAT NEEDS TO BE REPLACED?
This bond indemnifies the issuer of a duplicate security against claims of anyone claiming to be the owner of the original instrument/security. The instrument/security must be lost at least 60 days. If the lost instrument is a bank or certified check, the check must be missing for at least 60 days before a bond will be issued.