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Thread: Fidelity Bond

  1. bad2thebond
    bad2thebond is offline Member
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    Fidelity Bond

    Why isn't personal credit taken into consideration when applying for a fidelity bond?
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  2. Bond Magician
    Bond Magician is offline Senior Member
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    Fidelity Bond

    Quote Originally Posted by bad2thebond
    Why isn't personal credit taken into consideration when applying for a fidelity bond?
    It is a lot like insurance in that it is strictly based on the amount of coverage that you're looking for and the number of employees/owners that there are. Unlike all other surety bonds, a fidelity bond is not required by the state in order to obtain your license.
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  3. Admin
    Admin is offline Administrator
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    Quote Originally Posted by Bond Magician
    It is a lot like insurance in that it is strictly based on the amount of coverage that you're looking for and the number of employees/owners that there are. Unlike all other surety bonds, a fidelity bond is not required by the state in order to obtain your license.
    Actually fidelity bonds are insurance. That is why credit is not taken into consideration. Bonds are a form of credit, which makes your credit history important.
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  4. grasshopper
    grasshopper is offline Senior Member
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    Why are fidelity bonds even called bonds if they are basically insurance policies? Am I missing something?
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