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Thread: 3 Owners

  1. Mother Bond
    Mother Bond is offline Senior Member
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    Oct 2007
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    3 Owners

    We have 3 owners, but one has a bankruptcy. Do we have to include him when applying for the bond?
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  2. Bond Magician
    Bond Magician is offline Senior Member
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    3 Owners

    Quote 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.
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  3. Surety Queen
    Surety Queen is offline Surety Professional
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    Motor Vehicle Dealer Bonds

    Quote 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.
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