
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.Originally Posted by bad2thebond
Why isn't personal credit taken into consideration when applying for a fidelity bond?
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.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.
Why are fidelity bonds even called bonds if they are basically insurance policies? Am I missing something?
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