All posts by BFBOND

FAST BID & PERFORMANCE BONDS IN NASSAU AND SUFFOLK COUNTIES IN NY

CNA Surety, Western Surety, Merchants Bonding, General Accident, Travelers Surety, RLI Surety, Chubb Surety, Philadelphia Surety, Zurich Surety, Ironsure Surety, Suretec Surety

Good news! Effective immediately, CNA Surety & bfbond.com will now accept FastTrack Applications for small contractors bidding work in Nassau and Suffolk Counties, New York which was previously restricted areas.  Many small contractors will soon be bidding on public works projects and/or to General Contractor’s for upcoming subcontracts.  Yes, the active bidding season is here and we are excited to include Nassau and Suffolk Counties!

bfbond.com Along with CNA Surety’s FastTrack program is designed to meet your small contractor’s needs.  We’ve streamlined our underwriting for small contractors utilizing our FastTrack program. No financial statements are required for projects up to $200,000, FastTrack program available for up to $400,000 and our easy  FastTrack Application only takes a few minutes to complete. We welcome the opportunity to help you with your urgent Bid or Performance & Payment Bond needs.

Our experienced team of underwriters are standing by to provide you with the best service in the industry.  We know the importance of a timely response when considering bid bonds. A thoroughly completed FastTrack Application allows our staff to respond quickly, many times in less than 24 hours!

Don’t forget CNA Surety offers an online automation tool to streamline the issuance of contract bonds. When using our online form it allows you to submit the FastTrack Application and receive quotes, acknowledgments, and bonds from us electronically! Visit www.bfbond.com, contact us at JW@bfbond.com or call us at 1-800-921-1008 with any questions.  CNA writes more bonds than any other company in the industry THEY WANT YOUR BUSINESS!

BFBond.com through CNA Surety provides custom-tailored proficient surety solutions to nearly all your bonding and Insurance needs.

CNA Surety, Western Surety, Merchants Bonding, General Accident, Travelers Surety, RLI Surety, Chubb Surety, Philadelphia Surety, Zurich Surety, Ironsure Surety, Suretec Surety

New York City Process Server Bond – License – Permit Bond

Bernard Fleischer & Sons, Inc. is issuing the mandated New York City Process Server License Bonds required by the New York City Department of Consumer Affairs (DCA).

The Process Server Bonds are Available in both required $10,000 for individuals and $100,000 for Process Server Companies. Click here to go to DCA Individual Process server info page. Or here for DCA Agency Process server info page.

Why the Bond?

The deliberate failure by some process servers to deliver the notification of a court filing followed by a false affidavit of successful delivery has been described “as a rising problem” in New York City and was outlined in our article “Fraudulent Service of Process Continues to Plague New York” published in October 2009. In response, the New York City Council has passed legislation with new, stringent regulations for service of process in their effort to directly protect consumers from improper delivery of court filing notifications, known as’ ‘Sewer Service’.

The newly passed bill requires all process servers serving process in New York City adhere to the following:

  • Obtain a license from the Department of Consumer Affairs (DCA)  and pass an examination on the New York Rules of Civil Procedure
  • Log all service attempts when serving papers with an electronic system (such as a GPS system)
  • maintain records and electronic service logs for a period of seven years;
    Independent process servers must obtain a $10,000 surety bond
  • Process serving companies must obtain a $100,000 surety bond with the city to guarantee compliance with the regulations
  • Provide a statement of employee rights and employer responsibilities to every process server under their employ
  • Maintain signed documents that employees understand these rights and responsibilities.

 

How long does the Process Server Bond Application Process take?

The process server bond quote and bond application process usually takes less than a day. In fact for most of the NYC Department Of Consumer Affairs Compliance Bonds, our office can issue them immediately, signed, sealed and stamped all you need to do is walk across to 42 Broadway to drop the bond off,  countersigned by yourself and signed by our in house  notary. Its a quick and simple process to and acceptable by the NYC DCA.

Additionally, we are also listed on the New York City Department of Consumer Affairs Compliance Bond Provider List.

If you need a NYC Process Server Bond Immediately for process server surety bond Click here 10K Bond or here for the 100k bond, or  Contact Us directly at 212-566-1881 or walk across the street to 29 Broadway, suite 1511, New York, NY

 

Process Servor Bonds 10K and 100K New york

What is a Process Server?

Simply put, a process server is an individual who personally delivers a legal notice (or process) or other court documents to a party in a lawsuit (i.e. defendant). The process server is not a party to the suit.

What is a Process Server Bond?

A process server bond is normally a prerequisite to obtaining a process server license, and as such this is a type of license bond. The bond guarantees that the process server will carry out their duties in compliance with the rules and regulations governing process servers in their city, county or state. It also guarantees that the server will deliver the process (court documents) to the individual (defendant, etc.) they’ve been assigned to serve papers to in a timely fashion.

Ready to apply? Complete our online Process Server Bond Application now for a free quote! 

Process Server Organizations and Individuals

Process Server Bond requirements exist for both individuals as well as agencies. For example, New York City has a new $100,000 Process Serving Agency Bond requirement, and a $10,000 Process Server Individual amount. Check with your respective government entity to determine your specific process server bond amount.

Process Server Bond Application 10k    Process Server Bond Application 100K

William G. Fleischer, CIC 

President 

29 Broadway, Suite 1511 

New York NY 10006 

212 566-1881 ext 111 

wfleischer@bfbond.com 

www.bfbond.com

Employee Theft: the sPOILER of a Retailer’s Holiday Sales

To Apply for a Fidelity or Dishonesty Bond: http://www.bfbond.com/?bondType=Fidelity  While the holiday season is the most profitable time for retailers, the unfortunate reality is that it is also the most prevalent time of the year for employee theft. 

Increased store traffic, management’s attention on keeping stock available, and the barrage of seasonal employees create an environment ripe for crimes of opportunity. According to the Centre for Retail Research, U.S. Retailers’ losses from employee theft last year were in excess of $18.4 billion. Retailers usually focus their efforts on reviewing and updating their security policies and ensuring their employees are properly trained and aware that the company will prosecute any employee theft. However, they shouldn’t stop there. Retailers can protect themselves from potentially exorbitant losses with proper fidelity insurance.  

Most large retailers have fidelity policies, yet each year many sophisticated companies leave millions of dollars of fidelity insurance assets untapped.  Most of these insurance assets remained untapped because the retailer was unaware it had coverage for the loss; the retailer didn’t understand the impact of certain provisions in the policies; or the retailer failed to properly file a claim or abide by other conditions in the policies.   

What Losses Are Covered Under Fidelity Policies? Fidelity-insurance policies cover loss of money, securities, or inventory resulting from crime to the company. Basic fidelity-insurance coverage protects against employee dishonesty, theft, disappearance and destruction, embezzlement, forgery or alteration, robbery, safe burglary, computer fraud, counterfeit money orders and currency, credit card forgery, and other criminal acts.  

Liabilities covered by fidelity insurance usually fall into two main categories: (1) Employee Dishonesty Coverage—pays for losses caused by dishonest acts of your employees such as embezzlement, forgery or alteration, fraud and theft; and (2) Money and Securities Coverage—pays for money and securities taken by burglary, robbery, theft, disappearance and destruction.  Fidelity policies also may include broad coverage grants for investigation costs or specific endorsements granting coverage for these costs. Costs to investigate losses and substantiate fidelity claims can be expensive for retailers, so it is beneficial to understand what, if any, investigation cost coverage you have and if you lack investigation cost coverage to consider speaking with your broker to purchase the coverage. 

Provisions in Fidelity Policies Every Retailer Should Understand Fidelity policies cover losses for employee dishonesty, but the definition of “employee” varies substantially between policies. Some policies contain broad definitions of employees that include salaried and hourly employees, directors and officers, consultants, check processors, and temporary and seasonal workers including employees provided by employment contractors or temp agencies.  

Most fidelity policies’ definition of “employee,” however, is much narrower and may cover only salaried employees the company compensated, directly controlled, and had direct authority to hire and fire. Retailers should review the definition in their own fidelity policy and ensure that it captures all employees it wants covered, paying specific attention to how seasonal and temporary workers are treated.  If your policy does not cover seasonal and temporary workers or any other individual necessary for your operations, prior to the discovery of a loss you can still talk to your broker and add an endorsement to broaden the definition of employee. Often, the increase in premium for these endorsements is minimal. 

Most fidelity policies are triggered by the “discovery” of a loss. This can impact which policy must respond to the loss, as well as the time the policyholder’s obligation to provide notice to its insurance company arises.  Some policies deem discovery to have taken place on the date the retailer becomes aware of facts that would lead a reasonable person to assume a loss had occurred. Other policies deem discovery to have taken place on the date the retailer learned an employee had committed a “dishonest act.” Who within the company that must be made aware of the loss before the policy is triggered also varies from policy to policy.  

The typical “cancellation” or “termination” clause in a fidelity policy provides that coverage for an employee is terminated as soon as the retailer learns of any dishonest or fraudulent act committed by the employee, whether the act was committed while in the employment of the insured or otherwise and regardless of whether the type of dishonesty is covered by the insurance. Retailers need to take heed of this provision when hiring employees, when reprimanding employees, and when learning of any dishonest or fraudulent act.  For example, if a retailer conducts a background check prior to hiring and discovers the potential employee passed bad checks 10 years ago but hires the employee anyway, the retailer may very well not be covered if that particular employee ends up stealing from the company. Similarly, if a longtime employee makes a minor mistake that could be deemed a dishonest act, i.e. not paying for a lunch under the honor system in the employee lunch room, and the company merely issues a reprimand based on years of service, again it is possible that losses caused by that particular employee will no longer be covered under your fidelity coverage. If the same employee later conspires to mastermind a theft ring depleting your inventory, you may not have coverage available. 

Simply put, what you know about your employees may cause you to lose coverage. Retailers need to understand the parameters of the cancellation clauses in their fidelity policies and when hiring or keeping employees that have committed dishonest or fraudulent acts, no matter how small, retailers should notify their insurance company and ask whether the insurer would be willing to continue to cover the employee through an endorsement. If the insurance company refuses, the retailer should carefully consider whether it is willing to take the risk or whether it should terminate the employee. How Retailers Can Maximize Their Fidelity Coverage Following the Discovery of Employee Theft 

Once you have determined that an employee theft has occurred, it is essential to follow four simple steps to maximize your coverage.  First, immediately notify your fidelity carrier in accordance with the procedure and deadlines in the policy. Notice requirements vary among policies—some policies require notice in as little as 30 days after the discovery of a loss and in some jurisdictions failure to abide by notice provisions may bar all coverage. 

Second, review the investigation-cost coverage under your policy and tailor your investigation to obtain the full benefit of your insurance assets. Even if your fidelity policy does not explicitly provide coverage for investigation costs, if your investigation is tailored properly some costs may be recovered under a standard “recovery clause” found in most fidelity policies (i.e., you tailor your investigation to obtain recovery and determine the scope and extent of the loss).  Third, fidelity policies usually contain strict proof-of-loss provisions that require a policyholder to swear under oath and provide details and documentation of the loss within a specific period of time, often within 120 days. In some jurisdictions untimely filing of the proof of loss can result in a bar of all coverage, and policyholders need to carefully track proof-of-loss deadlines in their policies. 

Fourth, reach out to experienced coverage counsel for large or complicated losses. Experienced coverage counsel can assist you in reviewing your rights under the insurance policy, navigating the policy traps and exclusions, tailoring your investigation plan, and filing your proof of loss in a way that maximizes recovery and minimizes the risk of litigation. 

If you take the time to understand your fidelity coverage and reach out to experienced coverage counsel when needed, you can maximize your insurance assets to avoid employee theft dissipating your seasonal profits.

Great article found on the web

William G. Fleischer, CIC President 

29 Broadway, Suite 1511 New York NY 10006 

212 566-1881 ext 111 wfleischer@bfbond.com 

www.bfbond.com 

 

 

list of bonds

 tO aPPLY: http://www.bfbond.com/?bondType=SELECTTHEBONDYOUNEED

Customs Bonds

Gambling Manager Bonds

Notary Public Bonds

Public Official Bonds

Lost Title Bonds

Lost Securities Bonds

Court-Ordered Bonds

Probate Bonds

Guardian & Custodian Bonds

ARC Bonds

Trustee & Receiver Bonds

Lis Pendens Bonds

Claim & Delivery Bonds

Adoption Bonds

Mortgage Broker Bonds

Warehouse Bonds

Health Club Bonds

Dating Service Bonds

Employment Agency Bonds

Business Services Bonds

Mobile Home Dealer Bonds

Private Investigator Bonds

ATM Handler Bonds

Currency Exchange Bonds

Broker Dealer Bonds

Depository Bonds

Stamp Bonds

Bid Bonds

Performance Bonds

Payment Bonds

Septic System Installer Bonds

William G. Fleischer, CIC President 

29 Broadway, Suite 1511 New York NY 10006 

212 566-1881 ext 111 wfleischer@bfbond.com 

www.bfbond.com 

 

 

Executor’s Bond Law & Legal Definition by uslegal

Executor’s Bond Law & Legal

Definition. 

Executors and Administrators require a bond, because they representatives of decedents’ estates and have the responsibility of administering and settling those estates. An executor is nominated by the testator for the purpose of executing the will. Responsibilities include gathering up and protecting the assets of the estate, obtaining information in regard to all beneficiaries named in the will and any other potential heirs, collecting and arranging for payment of debts of the estate, approving or disapproving creditor’s claims, making sure estate taxes are calculated, forms filed and tax payments made, and in all ways assisting the attorney for the estate.

State laws, which vary by state, may require an executor to post a bond in a certain amount to ensure that they carry out all the duties required of them in good faith. A bond may be an insurance policy required by a court for the benefit of a trust or an estate. The bond provides protection against the possibility of fraud or embezzlement by an executor. The will maker may request in the will that no bond be required.

The following is an example of a state statute dealing with executors’ bonds:

” Section 1. An executor, temporary executor or temporary administrator with the will annexed, administrator, administrator with the will annexed, special administrator, receiver of an absentee, conservator, temporary guardian and, unless otherwise expressly provided, a guardian or trustee under a will or appointed by the probate court, including a trustee under a will holding property for public charitable purposes, before entering upon the duties of his trust, shall give bond with sufficient sureties, in such sum as the probate court may order, payable to the judge of said court and his successors, and with condition substantially as follows:

    1. In the case of an executor or administrator with the will annexed:

First, To make and return to the probate court within three months a true inventory of all the testator’s real and personal property which at the time of making such inventory shall have come to his possession or knowledge;

Second, To administer according to law and to the will of the testator all personal property of the testator which may come into his possession or into the possession of any person for him, and also the proceeds of any of the real estate of the testator which may be sold or mortgaged by him;

Third, To render upon oath a true account of his administration at least once a year until his trust is fulfilled, unless he is excused therefrom in any year by the court, and also to render such account at such other times as the court may order.

    1. In the case of an administrator:

First, To make and return to the probate court within three months a true inventory of all the intestate’s real and personal property which at the time of making such inventory shall have come to his possession or knowledge;

Second, To administer according to law all the personal property of the deceased which may come into his possession or into the possession of any person for him, and also the proceeds of any of the real property of the deceased which may be sold or mortgaged by him;

Third, To render upon oath a true account of his administration at least once a year until his trust is fulfilled, unless he is excused therefrom in any year by the court, and also to render such account at such other times as the court orders;

Fourth, To pay to such persons as the court orders any balance remaining in his hands upon the settlement of his accounts;

Fifth, To deliver his letters of administration into the court if a will of the deceased is thereafter duly proved and allowed.

    1. In the case of a special administrator:

That he will make and return to the probate court within such time as it orders a true inventory of all the personal property of the deceased which at the time of making such inventory shall have come to his possession or knowledge, and that he will, whenever required by the probate court, truly account on oath for all the property of the deceased which may be received by him as such special administrator, and will deliver the same to any person who may be appointed executor or administrator of the deceased, or may be otherwise lawfully authorized to receive the same.

    1. In the case of a receiver of an absentee under chapter two hundred:

With condition substantially as provided for the bond of an executor or administrator, and with the further condition to obey all orders and decrees made by the probate court.

    1. In the case of a temporary guardian or conservator appointed under section fourteen or twenty-one of chapter two hundred and one:

That he will make and return to the probate court within such time as it shall order a true inventory of all the personal property of the ward which at the time of making such inventory shall have come to his possession or knowledge, and that he will, whenever required by the probate court, truly account on oath for all the property of the ward which may be received by him as such temporary guardian or conservator, and will deliver it to any person who may be appointed guardian or conservator or may be otherwise lawfully authorized to receive it.

    1. In the case of a guardian or conservator:

First, To make and return to the probate court at such time as it orders a true inventory of all the real and personal property of the ward which at the time of making such inventory shall have come to his possession or knowledge;

Second, To manage and dispose of all such property according to law and for the best interests of the ward, and faithfully to perform his trust in relation to such property and to the custody, education and maintenance of the ward;

Third, To render upon oath at least once a year until his trust is fulfilled, unless he is excused therefrom in any year by the court, a true account of the property in his hands, including the proceeds of all real property sold or mortgaged by him and of the management and disposition thereof, and also to render such account at such other times as said court may order;

Fourth, At the expiration of his trust to settle his account in the probate court or with the ward or his legal representatives, and to pay over and deliver all the property remaining in his hands, or due from him on such settlement, to the person or persons lawfully entitled thereto.

    1. In the case of a trustee under a will or appointed by the probate court:

First, To make and return to the probate court at such time as it orders a true inventory of all the real and personal property belonging to him as trustee which at the time of the making of such inventory shall have come to his possession or knowledge;

Second, To manage and dispose of all such property, and faithfully to perform his trust relative thereto according to law and to the will of the testator or the terms of the trust as the case may be;

Third, To render upon oath at least once a year until his trust is fulfilled, unless he is excused therefrom in any year by the court, a true account of the property in his hands and of the management and disposition thereof, and also to render such account at such other times as said court orders;

Fourth, At the expiration of his trust to settle his account in the probate court, and to pay over and deliver all the property remaining in his hands, or due from him on such settlement, to the person or persons entitled thereto.

    1. In the case of a temporary executor appointed under section thirteen of chapter one hundred and ninety-two or a temporary administrator with the will annexed appointed under section seven A of chapter one hundred and ninety-three:

First, when required by the provisions of chapter one hundred and ninety-two and whenever required by the probate court, to make and return to the probate court a true inventory of all the deceased’s real and personal property which at the time of making such inventory shall have come to his possession or knowledge, and to render upon oath a true account of his administration;

Second, to deliver all the property of the deceased which may be received by him as such temporary executor or temporary administrator with the will annexed to any person who may be appointed executor, administrator or administrator with the will annexed of the deceased, or may be otherwise lawfully authorized to receive the same.”

Executor Bond, Conservator Bond, Probate Bond, Administrator Bonds, Trustee Bond

 

Performance and Bid Bonds Short -Cuts

 Bond Short-Cuts
Do you trust your GPS system to tell you what the most viable short-cut might be to get you to your destination? The other day a friend told me a quicker way to avoid traffic in the neighborhood during rush hour and I was surprised that the GPS had never recommended that route. Sometimes the best short-cuts come from the advice of friends. It’s kind of that way with placing bonds, and in the past three months agents have written almost $125,000 in bonds through BFBOND.COM Markets.BFBOND.com’s Short-Cut Bond Program is for companies with smaller contract bond needs.  

BFBOND.COM works with a variety of sureties under our Short-Cut Bond Program – and each of these sureties has their own unique underwriting requirements. So, even if one surety is unable or unwilling to entertain a particular risk, Goldleaf does have other options. Because BFBOND.Com has access to several surety markets with similar programs, we may be able to assist your insured even if they have already been denied due to the owners’ personal credit scores or the type of work being performed.

And, if necessary, BFBOND.Com has access to over two dozen surety markets – ranging from “standard” surety markets, to those with departments having strong “commercial” expertise, to “specialty” surety markets – giving Goldleaf the ability to redirect and find a different way help your insured obtain the bonding support they need.

Finally, BFBOND.Com’s staff will do a good job of helping you or your clients migrate out of these programs to get expanded surety lines of credit – rather than allowing contractors to get “trapped” in these small programs where they do not receive any surety counsel that is needed to help them grow.

For more information on BFBOND.COM’s Short-Cut Bond Program – or about helping you or your clients with their bond needs – log in to www.bfbond.com  or email us at jw@bfbond.com  and an underwriter will contact you. 


 

A trusted Choice Agent 100’s of Bonds… One Company

 

Businesses to the surety companies that best understand their industry and their particular bond needs. 

BFBOND.COM Delivers the Business! BFBOND.COM’s professional underwriting team is among the most creative 

And proactive in the country. On difficult or confusing bond requests that many surety companies reject, BFBOND.COM’s people continue to work and 

structure solutions that can get these bonds written. They concentrate on possibilities, rather than weaknesses, and find ways to success that 

other companies do not even consider. 

100’s of Bonds…All 50 States…1000’s of Satisfied Customers… 

Only ONE Company! 

Access today at www.BfBond.com   

 

 

Bond Basics 101: What is a Surety Bond?

Surety Bond – This is a generic term to describe many types of bonds. A surety bond is a three-party guarantee. The three parties are:

1. The principal – The primary person or business entity who will be performing a contractual obligation.

2. The obligee – The party who is the recipient of the obligation (usually a government entity)

3. The Surety – The company that ensures (guarantees) that the principal’s obligations will be performed. Sureties are similar to (and sometimes divisions of) insurance companies.

Through this agreement, the surety agrees to uphold (for the benefit of the obligee) the contractual obligations made by the principal If that principal fails to uphold the promises to the obligee.

The surety bond is provided so as to induce the obligee to contract with (or license) the principal  (i.e., to demonstrate the credibility of the principal and guarantee performance and completion per the terms of the agreement).

There are two main categories of bond types: contract bonds and commercial bonds. Contract bonds guarantee a specific contract. (examples include: performance bonds, bid bonds, supply bonds, and maintenance bonds)

Surety bonds are frequently used in the construction industry. In order to obtain a contract, the general contractor must provide the obligee (project owner) a bond for its performance of the terms as per the contract. Additionally, owners and contractors may also provide payment bonds to ensure that subcontractors and suppliers are paid for work done.

Under the Miller Act of 1935, payment and performance bonds are required for general contractors on all U.S. federal government construction projects where the contract price exceeds $100,000.00.

The principal (contractor, licensee, or permit applicant) will pay a premium, usually annually, in exchange for the surety company’s financial backing to extend surety credit. In the event of a claim, the surety will investigate it prior to payment. If it turns out to be a valid claim, the surety will pay the claim and then turn to the principal for reimbursement in the amount paid on the claim as well as any legal fees incurred in the process.
 

For more information on Surety and Fidelity Bonds,  to get a free quote or pre-qualify for your bond visit us at www.BFBond.com  or call us at 1.800.921.1008

 

 

 

Bernard Fleischer & Sons, Inc. announces massive changes in the Surety bond application process to simplify the procedure for clients

Bernard Fleischer & Sons, Inc. stays on top of the latest updates for bond underwriting by working closely with bonding carrier specialists. They ensure that the simple application process provides their clients with the Surety bond they require.

New York, New York (IPRWIRE) Mon, November 5th, 2007 — Bernard Fleischer & Sons, Inc. (http://www.bfbond.com) has the latest updates in the bond market and uses a simple application for a smooth transaction. They are able to write up to $50,000 street obstruction Surety bond without the involvement of additional paperwork or other financial aspects.

Bernard Fleischer & Sons has adopted a novel approach with Zurich to underwrite those companies who need a Surety bond within many US states. As mortgage brokers and fundraisers expand into different states they find that many surety companies are not willing to issue them multi-state Surety bonds. This prevents the expansion of these mortgage brokers and fundraisers into these states. Bernard Fleischer & Sons has streamlined the same approach that Zurich uses by taking a close look at the strength of each customer. By understanding just how Surety bonds work in conjunction with each of the different departments who require these bonds, Bernard Fleischer & Sons is able to set a high bonding limit so that their customers are able to expand into any US state where they want to do business.

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