Electronic Surety Bond
Electronic Surety Bond – General
An electronic surety bond replaces traditional bonds that are printed, signed and usually sealed by the issuing surety. The transition to various surety bond formats has occurred rather slowly and intermittently across different areas. Eventually most if not all surety bonds will be issued electronically.
What is an NMLS Electronic Surety Bond?
Initially, Electronic Surety Bonds, were associated with only Mortgage Broker Bonds and other mortgage related bonds. Many different entities require bonds including state and local governments and many other various regulatory entities. As more obligees that require bonds began to use the existing NMLS platform to facilitate electronic surety bonds, NMLS started to expand services. In the future more obligees will utilize Electronic Surety Bonds as their primary bond management tool.
How to access and Electronic Surety Bond
CCI Surety is already set up to utilize Electronic Surety Bonds. This means that our agents can provide their clients with bonds when the obligee requires Electronic Surety Bonds. Each surety and bond market is handling this differently. Some sureties require agents to register for Electronic Surety Bonds while others may handle issuing bonds through the Electronic Surety Bond system.
Working with CCI Surety means you have access to Electronic Surety Bonds when required.
Clients Declined for Electronic Surety Bond
Electronic Surety Bonds come in many forms. Not only does CCI Surety have access to Electronic Surety Bonds, we handle accounts that have low credit score or other challenges. Obtaining a Electronic Surety Bond when your client has low credit score can be challenging for contractors and insurance agents that do not have a relationship with a surety that handles low credit score bond situations. CCI Surety handles low credit score bond accounts on a daily basis and our underwriters are trained to look beyond the low credit score to look for opportunities to underwrite the bond. It may take more work but if your client has other strong attributes or experience, then our underwriters will do their best to turn the low credit score bond situation into an opportunity. There are many ways to get started if you are facing a Electronic Surety Bond need. You can call CCI Surety directly, use the ‘connect with an underwriter’ area on this page or “Chat Now” below during business hours. It is also possible to get started with the applications below:
More questions on Electronic Surety Bonds? Contact Us
There are many types of additional commercial bonds that we can handle.
License and Permit Bond Application
Motor Vehicle Dealer Bond Application
BMC – 84 (Freight or Property Broker) Bond Application
Wage & Welfare Bond Application
Utility Bond Application
Liquor Bond Application
Lost Title Bond Application
Probate/Guardian Bond Application
Civil Court Bond Application
Business Service Bond Application
ERISA Bond Application
DEMPOS (Medicare) Bond Application
If you are not sure which bond to use, contact us.
Our Home Office handles Electronic Surety Bond situations in Maine, Vermont, New Hampshire, Massachusetts, Connecticut, New York, Pennsylvania, New Jersey, Rhode Island, Delaware, Maryland, Virginia, West Virginia, Ohio, Kentucky, Arkansas, Texas, Oklahoma, Kansas, Missouri, Illinois, Indiana, Michigan, Wisconsin, Minnesota, Iowa, Nebraska, South Dakota, North Dakota, Montana, Wyoming, Colorado, Idaho, Oregon, Washington, Hawaii, Alaska, and Washington D.C.
Our Southeast Region Office Handles Electronic Surety Bonds in Florida, Georgia, Alabama, Mississippi, Louisiana, Tennessee, North Carolina, South Carolina, and Tennessee
Our Southwest Region Office Handles Electronic Surety Bonds in Arizona, California, Nevada, New Mexico, and Utah
Payment & Performance ★ Bid ★ ERISA ★ Motor Vehicle Dealer Bonds ★ BMC-84 ★ Wage & Welfare ★ License and Permit ★ Electronic Surety Bond ★ Contract ★ Miscellaneous
Please Note: We can always get started working on submissions or applications that you have already prepared for other markets. CCI Surety, Inc. specializes in hard to place contract bonds that may have previously been declined by other sureties because of low credit score or other financial situations. We use different kinds of tools which allow us the freedom to think outside the box with our underwriting strategy. We are able to get comfortable with difficult situations using escrow / funds control, SBA Surety Bond Guarantee program and working capital deposits as different options to get the bond approved. CCI also has a very successful Easy Start Program for contracts between $400,000 and $1,000,000 that may be obtained with a two page application plus any financial documents that are available. On commercial bond business we handle both standard and non standard business. Contract Bonds – Multiple Markets – Can Provide A+ rated bonds – $3M in-house authority, up to $15M from home office – Quick Turn around – No Agency Requirements SBA Backed Bonds – 2017 Top SBA Surety Bond Agent – 2012 National SBA Bond Producer of the Year – Potential to approve bonds even with negative working capital – SBA Bond Program now covers bonds up to $6.5M and in some cases $10M Commercial Bonds – Standard and Non-Standard Bonds – Experienced staff specialized in handling Commercial Bond needs – License and Permit, Fidelity, ERISA, Business Services and Court Bonds – Miscellaneous Bonds