Maryland General Contractors: Senate Bill 853 Means More Liability

Come October 1st 2018, a general contractor will become jointly and severally liable for subcontractors’ failure to pay employees!

 

With this new law now in place, general contractors’ policies towards their subcontractors and their requirement for subcontractors’ surety bond status may change significantly. Wage claims in Maryland can be made for as much as three years after an incident. As a result, general contractors are sure to demand that subcontractors obtain and maintain bonds for at least three years after performing work on a project.

 

What’s more, since a court may award claimants with as much as three times the wages owed, subcontractors will likely be required to obtain bonds in amounts that will be able to cover high claim amounts.

 

Call us at 800.921.1008 or visit BFBond.com to get bonded quickly at great rates! 

Secondhand dealers can now apply for a bond online at BFBond.com

Bernard Fleischer & Sons / BFBond.com now offers the bond required by the NYC Consumer Affairs Department for Secondhand dealers in an EZ online application with no credit checks. Apply > Pay > Receive Bond via email. Apply here www.bfbond.com/bfapps/NYSHD/NYSecondHandDealer.php

 

A Secondhand Dealer General license is required to buy or sell secondhand articles in New York City. Buying and selling automobiles or firearms requires separate licenses.

Used clothing stores, garage sales, used boat dealers, and not-for-profit organizations are exempt from the Secondhand Dealer General license requirement. Not-for-profit organizations must keep proof of being registered as a nonprofit and must maintain books and records on their premises.

 

Bernard Fleischer & Sons / BFBond.com is a nationwide surety bond broker offering simple, fast solutions for all types of surety bonding in the United states. We offer competitive pricing with multiple carriers as well as world class support. For free information on your surety bonding needs, call Jose at 800-921-1008 or visit us at www.bfbond.com to receive a free quote.

Crime Bonds

The Importance of Crime Bonds.

Crime bonds protect against loss from dishonest employees

White-collar crime should be of great concern to business owners. It can be occurring now, right in front of us by people we trust. How many times have we read in newspapers of the kind old bookkeeper, polished senior executive, well-respected city manager, and other people we deal with day to day who are arrested for stealing from their employer or otherwise taking funds that did not belong to them.

 

The two major types of Fidelity bonds:

The first is known as a First Party Fidelity Bond, First-party fidelity bonds protect businesses against intentionally wrongful acts (fraud, theft, forgery, etc.) committed by employees of that business.

The second type is a Third Party Fidelity Bond, Third-party fidelity bonds protect businesses against intentionally wrongful acts committed by people working for them on a contract basis (e.g., consultants or independent contractors).

White collar crime can have serious financial consequences, even threatening a private company’s survival. Bernard Fleischer & Sons, Inc. offers a solution to handling crime losses such as dishonesty, forgery, robbery, safe burglary, computer fraud and other criminal acts committed by employees, leased employees, volunteers or someone required to be bonded under ERISA, through a Crime Insurance Policy.

For more information about Fidelity/Crime Bonds Click here, call 1.800.921.1008 or visit our website to get a free no obligation Fidelity/Crime Insurance quote.

Workplace Crime costs $50 Billion a year, protect your business with Fidelity Bonds.

There is a hidden risk facing small businesses across the country that often goes unnoticed until it suddenly rips through a firm’s finances: employee theft. It’s a crime that is costing U.S. businesses $50 billion annually, with 7% of annual revenues lost to theft or fraud according to Statistic Brain.

Studies found that U.S. businesses affected by employee theft lost an average of $1.13 million in 2016. Small and midsize businesses were hit disproportionately, representing 68 percent of the cases. Their median loss in 2016 was $289,864.

Despite the alarming levels of embezzlement taking place, it isn’t top of mind for many small-business owners.

When one hears the word “Bonds” it brings to mind an investment. But there are other types of bonds that have nothing to do with investing; they relate to business operations and function similarly to insurance.

Surety Bonds are like insurance. They back up a promise to do something; if the promise is breached, the bond pays off to complete the promise.

One common Surety Bond type is a Fidelity Bond (or Crime Bond). Fidelity bonds provide insurance against loss from employee misconduct, such as theft or embezzlement, which is not otherwise covered by a company’s regular insurance coverage. A bond can provide blanket coverage for the actions of all employees or can be tailored to cover one or more specific employees.

When safeguards like thorough employee screening and careful supervision aren’t enough, fidelity bond coverage to protect against employee theft is recommended. If one or more of your employees are entrusted to handle cash or other valuable assets, a Fidelity Bond can protect your business.

Coverage can include:

  • Employee theft – Stealing merchandise.
  • Forgery or Alteration – Checks, gift cards etc.
  • Theft of Money and Securities –  Registers etc.
  • Robbery of safe, burglary of other property, stones, bullion, etc.
  • Computer fraud, funds transfer, diverting funds to personal accounts.
  • Money orders and counterfeit money.
  • Theft from third parties, on loan, deliveries, on customer’s premises.

 

The cost of Fidelity Bonds: There is no fixed rate for bonds. There are many factors that impact cost, such as the extent of coverage, whether there is a deductible (if allowed), and the surety company that issues the bond. As a rule of thumb, a fidelity bond can cost about ½% to 1% of the coverage obtained.

Surety and fidelity bonds are a risk management tool, it is helpful to discuss your business requirements with an experienced, trusted agent like BFBond/Bernard Fleischer & Sons Inc. We can advise you what coverage is best for your business when traditional insurance doesn’t provide the protection you want or require.

Becoming a NYC Process Server

How to Become a NYC Process Server.

A process server is a person that delivers important legal documents to individuals for lawyers or other legal services. It is the job of the process server to deliver the documents while adhering to the laws of the state. If you are interested in becoming a New York process server, there are no educational or training requirements but know that in New York City, there is a surety bond licensing requirement to be met.

Step #1 Apply for License

Apply for your license in New York City if you anticipate serving five or more processes in a year to Manhattan, Brooklyn, the Bronx, Staten Island, and Queens. Apply online or, if you prefer, download and complete the Basic Individual License Application from the NYC Department of Consumer Affairs (DCA).

Step #2 Provide a background check

Step #3 Turn in passport sized photo

  • If you submit your application in-person: applicants can be photographed at the DCA Licensing Center at no cost.
  • If you submit online: applicants can upload an image file of a digital passport photo.

Step #4 Obtain your required Process Server Surety Bond.

This is a Bond that must be maintained per your license. A process server bond is a type of surety bond that protects the courts and the clients you serve.

In New York a Process Server Bond needs to be in the amount of $10,000 for individuals or $100,000 for agencies. The amount you pay for your bond (called the bond premium) is largely dependent on your credit score. Generally, applicants with good credit can secure their bond at a rate of 1-4%. Applicants with not-so-great credit could have to pay up to 15% of the total bond amount.

Step #5 Complete paperwork.

Depending on if you are an agency or an individual, you will have different paperwork.

For a more detailed checklist of all the required paperwork, see the New York City Consumer Affairs website.

Step #6 Pay Licensing fees (A 2.49% convenience fee is added if you submit your application and paperwork online)

Step #7 Submit license application

In person: File in person at DCA Licensing Center 42 Broadway, New York, NY 10004

Online: Click “Apply Online” at New York City Consumer Affairs website.

Keep in mind that your application will be denied if you fail to submit all required documents and If you choose not to obtain a license you will be unable to serve more than 5 processes in New York City which will limit your earning potential.

 

The NYC Department of Consumer Affairs  recommends bfgBFBond.com/Bernard Fleischer & Sons Inc. (Formerly Advanced Insurance Services) as a Surety Bonding agency for your consideration, apply online at BFBond.com/process.html or visit our office. We are conveniently located at 29 Broadway, Suite 1511 New York, NY 10006 directly across the street from the Department of Consumer Affairs’ office.

For more information, visit us at BFBond.com, live chat with us or call 800.921.1881

4 Reasons Why Georgia requires a Title Bond.

You must prove ownership to register a vehicle or buy a Surety Title Bond, which guarantees you are the rightful owner.

4 common flaws fixed by the Bond.

You bought a vehicle and:

  1. Only received a bill of sale.
  2. The title is flawed, missing signatures.
  3. It is an out of state vehicle, and the title still shows a lien.
  4. Lost the title before transferring it into your name.

An easy low cost fix can be found starting at $100.00

Step 1: Visit www.bfbond.com/georgia-title-bond and enter the vehicle type and bond amount

Step 2: Provide vehicle information (Year, Make, VIN#)

Step 3: Pay for the bond, most bonds are priced at $100 (for example a $5000 bond costs $100)

That’s it! A bond will instantly be emailed for you to print out. With the bond and all documents in hand you will be able to get a new bonded title issued in your name.

Live chat with us at www.bfbond.com or call 800.921.1881 with any questions you may have regarding a bond, We are happy to help.

On Time, on Budget, Maximum Profits every time. Payment and Performance Bonds.

To a contractor, calculated risk can be fortune’s accomplice. Failure to recognize, calculate and properly manage the risk inherent in any construction project can, however, lead to financial disaster for any one or all of the participants in a construction project.

Common strategies for allocating project risks include the use of contractual indemnification provisions, requirements for builder’s risk and commercial general liability insurance policies, and requirements for performance bonds and payment bonds.

A payment bond is required on many construction projects. In the construction industry, the payment bond is usually issued along with the performance bond. The payment bond forms a three-way contract between the Owner, the contractor and the surety, to make sure that all sub-contractors, laborers, and material suppliers will be paid leaving the project lien free. A Payment Only Bond is rarely requested.

Payment Bond Terms

The Surety is the company licensed by the Insurance Department and the regulatory agencies to write bonds within the state of the country on which the work will be executed.

The Contractor, also called the principal, promise in the payment bond that the contract will be executed according to specified terms, while the Surety promises that if the contractor fails on his payments, it will pay damages to all demanding parties.

BFbond.com has an easy application that can be filled out online, which will give the necessary information for the underwriter to know who you are and where you are coming from.

THAT’S IT! Easy as 1, 2, 3, our streamlined process will get you on the fast track to obtaining a Payment bond.

For more information about Payment Bonds visit us at www.bfbond.com or call us at 1.800.921.1008

Successfully Bid on Commercial Construction Projects with Surety Bonds.

Many new contractors who are interested in the construction industry ask how to bid construction jobs. There is no set way to bid on construction projects, but coming up with the most accurate cost estimate and developing the lowest bid is a tried-and-true method.

Construction bidding is the process in which a general contractor is selected to work on a construction project.

In some cases, the only thing that matters in the construction bidding process is presenting the lowest price to the owner; in other cases, the contractor’s qualifications are as important—if not more important—than having the lowest dollar amount.

One of the most lucrative long-term opportunities for construction companies is winning construction bid projects. As a construction company small or large, you most likely already know obtaining business through contract bidding can be a great source of income. It is also a way of securing long-term work and steady cash-flow for years.

Virtually all of the public construction work in America is accomplished by private sector firms. This work generally is awarded to the lowest responsive bidder through the open competitive sealed bid system. Surety bonds play a critical role in making the system work.

There are also several internet search sites for current and upcoming construction bids in most states, at Bernard Fleischer and Sons/BFBond.com we are a licensed bond provider in all 50 states.

BFbond.com has an easy application that can be filled out online, which will give the necessary information for the underwriter to know who you are and where you are coming from. It is impossible to give too much information regarding a contractor. Everything the contractor does can be submitted to the company. His ability as an estimator can be determined by the listing of bids submitted in the application. Newspaper accounts of work, etc. and photos are always helpful.

 

 

THAT’S IT! Easy as 1, 2, 3, our streamlined process will get you on the fast track to obtaining a bid & performance bond.

For more information about Bid & Performance Bonds visit us at www.bfbond.com, or call us at 1.800.921.1008

Car Wash – Wage Payment Bond Requirements as of 2017, Visit BFBond.com

The New York City Car Wash Wage Payment Bond

is a new requirement for the New York City DCA due to the Car Wash Accountability Act, The law enacting this bond was passed in 2015 but enforcement will begin this renewal term. The license renews 10/31 of odd years.

About: The Act requires operators to obtain a license from the City that must be renewed periodically. Applicants for a license must prove that they have the appropriate liability insurance, workers’ compensation, and disability insurance coverage. The fee for a license would be $550 biennially. The Act would also require car wash operators, as a condition for obtaining a license, to obtain a surety bond of $150,000. If the car wash is subject to a collective bargaining agreement the amount of the bond required is only $30,000. Depending on an owner’s credit score, the premium for such a bond will cost between $1,500 and $15,000 a year. We have the bonding company with the best rates.

How it works: the purpose is to ensure that car wash operators pay all earned wages, interest on wages, and fringe benefits due to their employees. If the principal fails to pay all sums appropriately, then the Bonding Company will pay and go after the principals to recover any funds they have paid out. The bond protects employees from financial loss.

Let Bernard Fleischer & Sons Inc. / BFBond.com help you meet these requirements as efficiently as possible with our new online application to expedite the bonding process. Visit us at www.bfbond.com to learn more, Apply Here or contact our bond underwriter Jose Ward at 1.800.921.1008 ext. 110

Motor Vehicle Dealer License Bonds APPLY ONLINE!

Apply for your Motor Vehicle Dealer License Bond or renew your Bond with New York’s leading Bond agents.

As part of the motor vehicle dealer licensing process, states require that prospective dealers post a surety bond called a motor vehicle dealer bond to protect the public from any inappropriate or illegal actions on behalf of the automotive dealer.

 

Vehicle Dealership Surety Bonds in Every State

The state agency that is in charge of licensing auto dealers should tell you if you need a bond before you begin the application process. If you haven’t been told that you need a bond, it’s a good idea to contact the agency and make sure you don’t need one. You might also take the time to learn more about the dealer licensing process in your state.

Generally, obtaining and filing a surety bond is a normal part of the dealer licensing process in every state.

Learn More about Motor Vehicle Dealer Bonds or apply online with Bernard Fleischer & Sons Inc. / BFBond.com