Bond for a New States

[chefman]

I currently have a bond for three states that I write mortgages in. I am interested in getting licensed in 2 more states.
My first question is:
Since I already have bonds with you do I need to re-apply?
My second question is:
Do I get a discount for having multiple bonds through your company?
My third question is:
If my credit score changes over the year how do you use that to determine my rates for next year?
Thanks.

[Admin]

Since I already have bonds with you do I need to re-apply?

We will only require specific information on the new bond request. We will not request your company or owner information again, as it is already on file.

Do I get a discount for having multiple bonds through your company?

Surety bonds do not work like that. They are a form of credit. Therefore, the more you obtain, the higher liability/risk you pose. This means, the rates only go up as the amount of bonds you require increase.

If my credit score changes over the year how do you use that to determine my rates for next year?

If you have substantial changes in your credit, we can re-underwrite your policy to try and find a lower rate.