We boast a collection of over 10,000 surety bonds, all of which receive approval without the need for a credit check or a general indemnity agreement. Secure a surety bond quote in mere seconds and in real-time. If your bond doesn't qualify for "instant issue," worry not. We offer a range of efficient programs that can provide a quote with only a handful of details. For performance and payment bonds, our systems primarily focus on credit, requiring just a glance at your credit profile and the related contract.
So, you might wonder, how do other bonding companies rate bonds? How do bonding companies assess extensive bond applications that don't fit the typical surety mold?
Bond Type: Surety bonds come in a variety, from bid bonds to performance bonds, payment bonds, and even license and permit bonds. Each carries its unique risk assessment and pricing model.
Bond Value: The bond's value can sway its premium. The larger the bond value, the likelier you'll see a higher premium.
Credit Rating of the Applicant: The financial credibility of a person or business plays a role in determining bond premiums. A robust credit score often translates to more favorable rates.
Financial Standing: Beyond credit scores, an applicant's overall fiscal stability is crucial. This encapsulates assets, debts, cash movements, and various financial metrics.
Bond Duration: Bonds can have set durations or might be indefinite. The time frame can affect its cost.
Geographical Considerations: The location or state in which the bond is issued can bring about rate variations.
Industry-Related Risks: Different sectors come with varying risks. As an example, bonds for construction ventures may have different pricing than those for a retail outlet.
Rates Set by Bonding Firms: Every bond provider has distinct rate charts and underwriting standards.