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Thread: Underwriting

  1. Bond Magician
    Bond Magician is offline Senior Member
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    Underwriting

    How are surety bonds underwritten? What factors come into play?
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  2. Surety Wizard
    Surety Wizard is offline Senior Member
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    Most license type of bonds are based off of personal credit history of the owners of the company. There are other factors that will be looked at like experience, a personal financial statement, and number of years in business. It also depends which Surety Company handles the bond as all Companies have different guidelines for underwriting.
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  3. Bond Magician
    Bond Magician is offline Senior Member
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    Underwriting

    Quote Originally Posted by Surety Wizard
    Most license type of bonds are based off of personal credit history of the owners of the company. There are other factors that will be looked at like experience, a personal financial statement, and number of years in business. It also depends which Surety Company handles the bond as all Companies have different guidelines for underwriting.

    I know you ask for a copy of a blank bond form with every application that is submitted. Is there a blank bond form that I need to provide when applying for an ICC bond?
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  4. Surety Queen
    Surety Queen is offline Surety Professional
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    ICC Bonds

    Quote Originally Posted by Bond Magician
    I know you ask for a copy of a blank bond form with every application that is submitted. Is there a blank bond form that I need to provide when applying for an ICC bond?
    No blank bond form is required for this bond... because... no physical bond is actually issued. This bond is filed electronically directly with FMCSA. The best way for someone to verify that you have bond coverage is for them to log on to FMCSA's website, enter your MC # and see that your bond is in force.
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  5. h2o
    h2o is offline Senior Member
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    Underwriting

    Quote Originally Posted by Surety Queen
    No blank bond form is required for this bond... because... no physical bond is actually issued. This bond is filed electronically directly with FMCSA. The best way for someone to verify that you have bond coverage is for them to log on to FMCSA's website, enter your MC # and see that your bond is in force.
    If they don't know my MC#, can they just look us up by our company name on the FMCSA website?
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  6. Surety Queen
    Surety Queen is offline Surety Professional
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    ICC Bonds

    Quote Originally Posted by h2o
    If they don't know my MC#, can they just look us up by our company name on the FMCSA website?
    They could - yes - but that doesn't guarantee that they will be looking at the right company. MC# is the best way to go.
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