Click to verify BBB accreditation and to see a BBB report.
Follow us on twitter!
+ Reply to Thread
Results 1 to 5 of 5
  1. lifeisgood
    lifeisgood is offline Senior Member
    Join Date
    Sep 2008
    Posts
    109

    Non-Profit Organization

    I am interested in obtaining a bond for our company which specializes in Home Health Care/Medicaid Provider. The only problem is that we are a non-profit organization so there are no real owners - can we substitute having an owner sign with someone with signatory capacity for the indemnity agreement?
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
    Reply With Quote Reply With Quote  
  2. Surety Wizard
    Surety Wizard is offline Senior Member
    Join Date
    Sep 2008
    Posts
    110

    You may have someone from the Board of Directors personally indemnify for the bond if the Surety Company will consent. This will mean that whomever signs for the bond will be responsible financially for repayment of any claims on the bond. I suggest careful consideration of doing this especially if there could be a large claim.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
    Reply With Quote Reply With Quote  
  3. h2o
    h2o is offline Senior Member
    Join Date
    Sep 2008
    Posts
    117

    Non-Profit Organization

    Our officers are elected each year. So what if the President and Vice-President were to indemnify, but then next year there was a different President and VP?
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
    Reply With Quote Reply With Quote  
  4. lifeisgood
    lifeisgood is offline Senior Member
    Join Date
    Sep 2008
    Posts
    109

    New Indemnity

    If the President and VP are indemnified and at some point leave the company and are replaced - the new President and VP will have to be indemnified as well.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
    Reply With Quote Reply With Quote  
  5. h2o
    h2o is offline Senior Member
    Join Date
    Sep 2008
    Posts
    117

    Non-Profit Organization

    Once the new President and VP indemnify, will the old President and VP be liable for any losses from claims that occur afterwards?
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
    Reply With Quote Reply With Quote  
« Previous Thread | Next Thread »

Similar Threads

  1. Balance Sheet and Profit & Loss Statement
    By Bond Magician in forum Mortgage Broker Bonds
    Replies: 4
    Last Post: 11-07-2008, 02:35 PM
  2. Non-Profit Board needs bond.
    By Bond Guy in forum Miscellaneous Bonds
    Replies: 1
    Last Post: 06-16-2008, 08:05 AM
  3. Not For Profit Treasurer
    By Bond Guy in forum Fidelity Bonds
    Replies: 2
    Last Post: 12-03-2007, 02:56 PM
  4. Non Profit Organization
    By chefman in forum License & Permit Bonds (other)
    Replies: 7
    Last Post: 07-24-2007, 02:18 PM
  5. Company Ownership/Organization
    By chefman in forum Motor Vehicle Dealer Bonds
    Replies: 3
    Last Post: 06-01-2007, 12:58 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Forum Rules


Content Relevant URLs by vBSEO 3.5.0 RC1 PL1