Electronic Surety

[BondLaw]

A year or so ago I read about an electronic bonding program being launched by PennDot. It sounded very promising,because it was touted as the first program that would allow for electronic filing of the final P/P bonds. But I haven't heard anything more in a while. Does anybody know if the program ever got off the ground?

[Surety Guy]

Software development is similar to construction when it comes to delays. I have not heard much about it recently; I only assume it is still in the works. I stumbled upon a more universal system late last year, but it seemed poorly developed and only a couple sureties were set up with it. I did some searches on the subject and thought you might find the following useful.

Surety Bonds in the 21st Century - An old SIO article on electronic filing in general
Digital Surety Bonds - An article I wrote earlier this year about it
InSure Vision Technologies Announces Release of SurePath 5.0 for Surety Bond Processing - A press release of a software company that developed some software for bids

Is there anything you can add to this? I am always keeping an eye out for it myself.

[tachyon]

Interesting links. Here's some more:

E-Signatures and Insurance (Powerpoint)

buySAFE eliminates risk for buyers in online transactions by using a credit-based, performance guarantee called a surety bond. The bond provides the buyer with a guarantee that the seller will fully live up to their clearly defined "Terms of Sale," thereby protecting the buyer from nearly all online transaction risk. buySAFE comprehensively qualifies each seller through a rigorous credit-scoring model and provides the buySAFE Seal to approved sellers for display on their online item listings. Online transactions are then protected with surety bonds issued by buySAFE's trusted financial institution partners. buySAFE is headquartered in Arlington, Virginia.

Surety 2000 Software

[opsfod]

I am in the process of starting a private security consulting firm specializing in armed security services, personal protection and investigative services. Which Bond am I to apply for?

[Surety Guy]

opsfod, you will get more attention to your specific question if you start your own 'thread'. Simply choose the correct forum category and click the 'New Thread' icon.


To answer your question I will need to ask you a question. Who is requiring the bond of you?

[opsfod]

now that is something we did not know. Is there a certain person who can only obtain a surety bond for us. We have no ideal of what we are to do. A lot of security companies just start doing security the a year or 4 down the road they aquire everything thing they need. We want to be different. we want to have all license and other proper paperwork when we start operation.

[Surety Guy]

If no one is requiring the bond of you then you do not need one. The other companies may be operating in a location where a bond is required to be filed with their license or perhaps they need a surety bond to guarantee a specific contract.

[mjet]

PennDot uses ECMS, which is a pain in the rear end... To sign up with ECMS you need to sign a liability waiver with some ungodly amount... I'd have to look into that if you want futher information.

This program was supposed to be the next best thing to sliced bread...

I use this program about 3 times a year. You are required to change your password for the individual user and for your system administrator every 60 days. Becomes cumbersome for something you rarely use.

Hope this helps a bit... Just my .02