Financial Strength

[Mother Bond]

I need to obtain an administrator bond. I have great credit, but I'm worried that my personal financials aren't strong enough. Do I have to own real estate and have a lot of cash on hand in order to qualify for this type of bond?

[Surety Queen]

Originally Posted by Mother Bond

I need to obtain an administrator bond. I have great credit, but I'm worried that my personal financials aren't strong enough. Do I have to own real estate and have a lot of cash on hand in order to qualify for this type of bond?

Not necessarily but it certainly helps. Surety may ask that in order to write the bond for you, that you and an attorney enter into a Joint Control Agreement with the Surety. This will give Surety the comfort level to allow the bond to be written. Collateral could also be a requirement but isn't asked for unless absolutely needed.

[h2o]

I have a friend willing to co-sign who has strong net worth and real estate. Would I be able to use a co-signer?

[Surety Queen]

Originally Posted by h2o

I have a friend willing to co-sign who has strong net worth and real estate. Would I be able to use a co-signer?

I don't believe that co-signers are accepted for court bonds. If your credit is not strong enough, Surety may require that you execute a joint control agreement with an attorney.

[h2o]

Are they any additional fees for the Joint Control Agreement?

[Surety Queen]

Originally Posted by h2o

Are they any additional fees for the Joint Control Agreement?

Not from Surety but most definitely from the Attorney