Underwriting

[Bond Magician]

How are surety bonds underwritten? What factors come into play?

[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.

[Bond Magician]

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?

[Surety Queen]

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.

[h2o]

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?

[Surety Queen]

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.