License and Permit Bonds
Bonds which are required by law or ordinance prior to the granting of a license to engage in a particular business or a permit to exercise a specific privilege. Examples of these include collection agency bonds, mortgage bonds, Lender bonds, compliance bonds, and more.
Types of Bonds
Contract Bonds (Client Specific Bonds)
Bonds which guarantee the faithful performance of the terms of a written contract. Contractors or vendors can be required to obtain these for providing services, manufacturing/supplying goods, performing installation of equipment/software, or for construction of all kinds. These are often referred to as “Performance bonds” or “Remittance bonds.”
Bonds which cover loss of money, securities, or other property owned by the insured when such loss is due to the dishonesty of the insured’s employees.
Employee Retirement Income Security Act of 1974 – requires that qualifying employee benefit plans be bonded by acceptable surety companies for the protection of plan funds against loss by acts of fraud or dishonesty on the part of those persons handling the funds.
These describe any bonds which are filed in court and include: Judicial, Probate, and Injunction bonds.
Most states require that a notary, or an individual who has applied for appointment as a notary, purchase a surety bond to protect the public from negligent mistakes or dishonest acts by the notary. Typically, the bond guarantees the notary will truly and faithfully perform and discharge all the duties of the office of notary public according to the law.
* The bonds we can write are not limited to what is listed on this page! Do you need a specific type of bond? Contact us! We will be glad to help.
1. What is the process for obtaining bonds with Cornerstone Support?
The process will vary depending on the size of the account, the types of bonds needed, and the financial standing of the company. In some cases, it is as simple as signing a Broker of Record letter. In other cases, some underwriting will occur in order for us to find the best surety company for your needs.
2. What items are typically needed for underwriting?
Typical requests from surety companies include but are not limited to: Corporate year-end financial statements (which include a Profit & Loss statement as well as a balance sheet), personal financial statements, a bond list, and an ownership structure breakdown. As mentioned above, the number of items requested will depend largely from case to case.
3. I need NMLS electronic surety bonds. Can Cornerstone Support do those for me?
Absolutely! We are authorized in NMLS and ready to write your NMLS bonds at any time. It’s as simple as clicking a few buttons to grant us access and then we take care of it for you!
4. How does Cornerstone Support renew my bonds each year?
We track all bond renewal dates internally and renew them automatically each year. If the bond is non-continuous, continuations will automatically be issued when the bond renewal is paid.
Cornerstone Support is proud of the service and value we provide to our clients, and it goes way beyond bond premiums.
Most bonding companies are not familiar with the statutes and filings unique to collection agency bonds. Unlike typical bonding companies, Cornerstone specializes in collection agency bonds. Cornerstone also shops between multiple surety companies to ensure you receive the best rates available.
Maybe you have a laundry list of licenses you are in the process of obtaining but are unsure which require bonds, which bonds your specific agency needs, or how to obtain them. If you contact us today for a quote, you will save yourself the time of having to shop around – we’ll do the shopping for you.
Maybe you already have bonds in place but are interested in switching from your current agent. Because of our network of surety companies, moving your bonds over to Cornerstone could be as easy as a stroke of the pen. Maybe you just have questions about bonds in general. You’re not alone! Bonds can be confusing and frustrating, but they don’t have to be.
Cornerstone is second to none in providing compliance solutions, and our bond department is no different. Contact us today to make the change, and experience Cornerstone’s dedication to unparalleled customer service for yourself. Let us take the pressure off of the licensing and bonding experience for your agency. Call us at 888.445.8660 or e-mail us at [email protected].