3 Owners

[Mother Bond]

We have 3 owners, but one has a bankruptcy. Do we have to include him when applying for the bond?

[Bond Magician]

Originally Posted by Mother Bond

We have 3 owners, but one has a bankruptcy. Do we have to include him when applying for the bond?

Our rates/programs are based on the personal credit of each owner with more than 5% ownership of the company. So, if the owner with the bankruptcy owns more 5% or more of the company, his/her personal credit will definitely come into play.

[Surety Queen]

Originally Posted by Bond Magician

Our rates/programs are based on the personal credit of each owner with more than 5% ownership of the company. So, if the owner with the bankruptcy owns more 5% or more of the company, his/her personal credit will definitely come into play.

And yes - Mother Bond - you do need to include all owners on the application - good credit or not.