Need Guardianship Bond Fast

[Carboholic]

How long does it normally take to get a guardianship bond?

[marietta68]

Originally Posted by Carboholic

How long does it normally take to get a guardianship bond?

Underwriting requirements will include completion of an application. Generally speaking, a personal credit report will be ordered on the proposed guardian. If the credit report is clean, and it's verified that the "estate" will be handled in accordance with the rules of the Probate Court, the bond can be issued fairly quickly. The premium for the full term of the bond (until the minor reaches legal age) must be paid in advance, which may result in a prepayment discount, depending upon the bond company's rate filings. This response does assume the guardianship is for a minor child. Guardians of incapacitated adults are underwritten in a similar manner.

The process slows down when there's a poor credit report or the size of the estate is so large, it would be dangerous to write the bond without involvement of an attorney to help manage handling the estate.

There is a Public Administrator that works with the Probate Court to step in and serve where the relatives are unable to do so (inability to post the required bond would create that situation). Local statutes set the fees that can be charged for performing the service, and the Public Administrator will have a bond company already set up to supply the bonds when needed.

[Admin]

Great response Marietta! Let me add to it from the agents' perspective...

Response time can vary greatly, depending on the surety and how much volume that particular surety is seeing at that time. Some bonding companies are very quick to respond. Unfortunately, other sureties take an extensive amount of time to approve even a small request due to volume, micro-managing, or improper organization (usually due to old software).

Anyhow, the point is that not all sureties have quick response time. Sometimes the sureties with the best rates and most liberal underwriting take the longest to turn around a bond.

Your best bet is to speak to an agent so they can decide what market best fits your situation. From there he/she can give you an accurate estimate of turnaround time.