How do I get a surety bond?
Just click on Get Started and fill-out our online application. It is free and will take less than five minutes to complete. After you have completed the application, we will email you a quote with the premium for the bond and terms of the bond. Accept the quote, pay for the bond and return the signed agreements, and we will send you your bond. It’s that simple..
How do surety bonds work?
Surety bonds are required by many organizations of their contractors, suppliers and licensed operators. After the principal, which is you, pays the bond premium, the surety issues you a bond which is a form of credit that is required by the obligee, who is the person asking for the bond. A claim by the obligee can be made against the principal because they didn’t comply with the terms of the contract, and the surety, after it verifies the claim, will settle the problem within the bond amount. But the principal will be required to pay the Surety back for the costs of claim.
Why get a surety bond if I have to pay for any claims?
A surety bond is different than typical types of insurance; it will not cover the expenses associated with any claims made against you. In the event of a claim, you are still responsible ultimately for the costs of the claim. The purpose is to extend to you a line of surety credit that is required by the obligee.
How much do surety bonds cost?
The cost or price of the bond is called the premium. The premium rate you are quoted depends on your application, credit score, years of experience and other pertinent information. .
What do the terms Obligee and Principal mean?
The obligee is the party that is requiring the bond whether it’s a customer, client, or the government. The principal is you, the party that is agreeing to do a contract for the obligee.
What is the turnaround time?
The turn around depends on the bond form and the qualification of the applicant. Many common permit and license bonds will be quoted same day, and the rest will typically be quoted within 24 hours.
Why do you ask for my spouse’s information?
A surety company is looking to give you credit that an obligee has required. But they are really looking to guarantee that you will get the job done according to the contract. The best way to guarantee is to have your spouse guarantee it too. Also in the case of a claim, your assets are probably tied to your spouse too and that could complicate things if your spouse hasn’t already agreed.
Can I get a bond with a low credit score?
Many applicants with low credit scores find it difficult to get a bond. At Oxbonding we are specialists in securing bonds for people with poor credit. While many of our competitors look only at credit scores, at The Ox we look at the whole picture to get you the quote and terms you deserve.
If I do not know which bond I need, can you help?
At Oxbonding we are here to help you fulfill your bonding needs. We can help you find which bonds you need and help you get started with your application. We know that your business depends on getting bonded and we make sure we get you back to business fast!