In an effort to help you understand why our Surety Bonds experts ask the questions they do, we interviewed them about the most frequently asked questions during the bonding process. Here’s what they said.
Why do I need a License & Permit bond?
License & Permit bonds are required by a city, state, or county which has an ordinance code or statute referencing requirements to which you must comply.
Why do you need the personal information of my spouse or other company owners/members?
Marriage connects you, the bond applicant, and your spouse in matters of claims against License & Permit bonds. Because both of you will be impacted in the event of a claim, your spouse’s personal information is required. It is also necessary for us to have your spouse’s details to properly determine your personal financial strength. That information will be used to secure the best bond rates when measuring risk. The same holds true for your relationship to the other owners or controlling members of your company.
Why do I have to provide my social security number?
License & Permit bonds are approved based on the financial strength of the business and you, the individual applicant. Your business’s FEIN number helps us determine the health of your business’s finances the same way having your social security number—and that of your spouse—is used to establish your personal financial health.
Can I pay for this bond for six months or less?
No, because bonds are usually issued for a calendar year. Any exceptions are established by the city, state, or county (the obligee) requiring the bond.
Brunswick Companies Surety Team
If you’re ready to acquire a License & Permit Bond, call our Surety experts today at 800-686-8080. And now you know why they ask the questions they ask!