Back story; A couple is married for over 40 years with no children when the wife becomes incapacitated by Alzheimer’s. They own rental properties in addition to their residence. They have accumulated savings accounts and brokerage accounts and all of their assets are community property. If the husband dies suddenly, the wife in her mental state, does not have the “capacity to contract”, meaning she cannot consent or participate in any transaction dealing with the property or accounts. A court often times appoints a guardian of the incapacitated person to handle their estate for the purpose of the good of the incapacitated.

Guardianship Bonds, In the family of Fiduciary Bonds or Probate Bonds protects the ward’s interests from detrimental actions and mishandling by the guardian. The cost of Guardianship bonds are a fraction of the surety bond amount required by the assigning court.

How is the bond amount determined? The amount is based on all the assets of the ward, including real estate holdings, bank accounts and trusts. When a Guardianship Bond is applied for, the surety bond company looks at the guardian’s personal credit score and other financial information. Almost all bonding companies require an attorney to stay involved to help handle the legal aspects of the transaction.

Call us to discuss your Fiduciary, Probate, and Guardianship bond requirements.

www.bfbond.com 800-921-1008 Jward@bfbond.com

Bid and Performance Bonds, Bond Issues, Bonds FYI, Mechanic Lien, Surety Bonds, Uncategorized

How can small contractors and their customers benefit from Performance Bonds and Surety Bonds?

November 17, 2016 BFBOND

Ever watch HGTV (Home & Garden Television) and witness the horror stories left behind by shady contractors? Things like homeowners without kitchens or baths for months. Police recently arrested 45-year-old Cary Grimm on charges of grand theft for doing just that. Customers say the contractor disappeared without completing the work that was he was contracted for.

One couple said their home remodeling project turned into a nightmare after a few weeks’ delay turned into a half a year battle. The complaints which total nearly $90,000 based on over a dozen complaints by customers that came in after Grimm exhibited at a local home show. How could a surety bond aka performance Bond have helped? These bonds ensure a contractor will perform work required in a contract or winning bid.

Bonds provide small contractors and customers with numerous benefits. The surety bond is a form of protection against contractor default due to faulty workmanship, late delivery or not using specified materials. The surety company helps the contractor avoid costly delays and contract disputes if the sub-contract defaults with their portion of the job by non-performance. Then the surety company will intervene to fulfill the contractor’s scope of work. When a project is bonded, there’s also an added layer of payment protection for workers and suppliers of the contractor.

Surety bonds help level the playing field, and allow a small contractor to compete in the free market, leading to lucrative contracting opportunities. Consumers and businesses feel more secure when hiring a bonded contractor. A contractor’s bond and insurance are important forms of protection for anyone who is taking on a construction project.

Furthermore; to avoid a Mechanics Lien, a Payment bond is suggested. Using this Surety Bond as a tool, gives owners assurance that all suppliers and sub-contractors are paid. Also suggested is an Ancillary bond to guarantee that non-material or performance requirements of a contract will be met. An example would be compliance with special terms, laws or regulations.

Call us to discuss your Performance, Bid, Ancillary and Payment bond requirements.

visit www.bfbond.com call 800-921-1008 or email Jward@bfbond.com

Uncategorized

New York Increases the surety bond amount for used car dealers.

November 10, 2016 BFBOND

On Sept. 29, 2016 Governor Andrew Cuomo signed into law a piece of legislation that will increase the surety bond amounts required for used-vehicle dealers to become licensed. Surety bonds help ensure that the Motor Vehicle Dealers follow legislation and regulations in your state. Generally, obtaining and filing a surety bond is a normal part of the dealer licensing process in every state. Depending on your state the underwriting process can vary based on the Bond amount. In many cases a credit report is required for bond approval. In situations where the credit is less than favorable, we represent Surety Companies that charge a little more to issue the bond.

Currently applicants and used motor vehicle dealers in New York, who sell fewer than 200 cars in the preceding calendar year only need a $10,000 bond. Those who sell more than 200 vehicles, they need a $25,000 bond to become licensed.

The new New York State law will take effect on March 28, 2017. Motor Vehicle Dealers who sell fewer than 50 cars in the preceding calendar year, are required to purchase a $20,000 surety bond. Dealers who sell more than 50 cars will be required to purchase a $100,000 bond. Additionally, New Motor Vehicle Dealers license applicants will require to post a $20,000 surety bond.

Dealers bonded under current law will be required to comply with the new Motor Vehicle Dealers surety bond requirements when their bond is renewed, replaced, altered or extended. For more surety bond knowledge visit us at bfbond.com/blog, download our application here or call us at 800.921.1008

Crime Coverage, Fidelity Bonds, Surety Bonds, Uncategorized

In a former Swing State $5.5M embezzlement case, does your crime bond cover this?

November 8, 2016 BFBOND

An Indianapolis woman will learn her fate after admitting to six counts of wire fraud and money laundering in a $5.5 million embezzlement scheme.

No longer a swing state (The state typically votes Republican with an exception in 2008) Hoosiers will head to the polls as Kristi Espiritu will be headed to sentencing in U.S. District Court at 10 a.m. on Nov. 8. She worked at Network Storage Inc., a data storage company based in Indianapolis, from 2008 to 2014 as a bookkeeper.

Court records show that with access to the company’s bank accounts she used their money to pay for shopping trips to purchase luxury items such as diamonds, handbags, electronics, furnishings and travel. A common occurrence in employee theft losses. According to a plea agreement reached back in May she admitted to lying to company executives and falsifying books and payroll systems. Even the best managers, can be over trusting and never spot check or have a system to verify the monies in their bank account to avoid crimes like this.

As a part of a plea deal she agreed to pay $5.5 million in restitution, if she can’t pay that amount before sentencing, federal officials will use asset forfeiture to recover the funds. If the company purchased a dishonesty bond to cover this crime, they would become whole and not be concerned if the employee had the monies to repay the theft.

Espiritu could face up to 20 years in prison and a $250,000 fine on four wire fraud charges, and 10 years in prison and a $250,000 fine on two money laundering charges. White collar criminals steal through position and influence and quite often get away with their crimes for many years before getting caught.

It is unsure whether Network Storage Inc. had a fidelity bond (aka Crime Bond, Dishonesty Bond) which is a form of insurance protection that covers losses incurred as a result of fraudulent acts by specified individuals, usually insuring a business for losses caused by dishonest acts of its employees. Learn how fidelity bonds and surety bonds from BF Bond provide your growing business with the protection you require. Visit us at BFBond.com to fill out an application or call us at 800.921.1008

Administrator, Administratrix, Court Bond, Executor, Executrix, Fidelity Bonds, Guardianship Bond, Personal Representative/ Administrator/ Executor Bond, Probate Bonds, Probate/Fiduciary Bonds, Surety Bonds, Uncategorized

The case of Prince, and when is an executor bond required?

November 4, 2016 BFBOND

Prince Rogers Nelson, the legendary American singer-songwriter, multi-instrumentalist and record producer died unexpectedly on April 21st 2016. He was married twice and has no known surviving children. Prince’s sister and only full sibling Tyka Nelson filed court documents in Carver County, to open a probate case, stating that no will had been found. Prince’s five half-siblings also have a claim to his estate. As of three weeks after his death, 700 people claimed to be half-siblings or descendants!

As for Prince, it’s hard understand, why he never created a will or a full estate plan, especially given his wealth and complicated asset structures. On April 26, 2016, Bremer Trust was given temporary control of his estate without bond; this is very unusual considering the importance of having a probate bond. probate bonds, keeps everyone honest. It is designed to protect the deceased’s assets from being misappropriated or stolen by the executor. Theft is not limited to just writing checks to erroneous people, but selling property at deep discounts to friends or shady business partners or making sweetheart business arrangements with possible payoffs or kickbacks. All monies in the estate are to be used to settle the estate, pay taxes and anything left over goes to the rightful heirs, if the executor has done wrong, the bonding company will make the estate whole and then prosecute the executor.

The court can fine or remove an administrator (or executor) for failure to perform the duties faithfully. The administrator (or executor) in most cases must post a bond (paid from the decedent’s estate) to cover potential losses that the estate might suffer through error or mishandling of property during the administration process. Why the court did not require the probate bond, is a question for further investigation.
We provide different types of Surety bonds, Probate Bonds, License bonds, Fidelity bonds, Guardian Bonds , Fiduciary Bonds, and are licensed with Treasury listed companies in all 50 states. Visit us to learn more or call 1-800-921-1008 to speak with a customer service professional.

Appeal Bond, Bond Issues, Bonds FYI, Court Bond, Surety Bonds

Appeal Bonds: to post a bond or deposit with the courts?

October 28, 2016 BFBOND

In a Civil Case when an appeal bond is required by the judge, the principle has the option of getting a surety bond or depositing cash in the amount of the bond with the court. Does it make sense to obtain a surety bond or does it make sense to deposit money with the court? And if you do deposit with the court, how long before you get your money back?

Benefits of Posting a bond:

The benefit of posting an appeal bond is that the bonding company has options to take collateral in form of cash or brokerage account or Letter of Credit, in some incidents if your credit is strong enough, no collateral is required, these options gives you the ability to leverage your money. Of course if your credit is poor, then the collateral options are limited
If successful in winning the appeal, the funds are returned to you very quick.

Cons of depositing money with the court:

The courts only accept cash.
Takes months before the paperwork is processed.
Access to capital is lost

Real Scenario:

A client mentioned that he could not meet his financial obligations due to the fact that he had a $400,000 deposit held with the court and they are taking over 6o days to release his funds..

At BF Bond our customer service professionals can address our client’s diverse need which often requires finding creative solutions to these problems. Retrieving deposits from the courts can be a long and arduous process. When faced with a decision like this that may cost you time and money, contact us and we can help make a difficult process much easier.

Complete an application here

Call Jose at 800-921-1008 if you have any questions or to discuss an individual case.

Employment Bond

Employment Agency Bond

July 28, 2016 BFBOND

employment-agency

What is an Employment Agency Bond?

Any person or business that charges a fee to find a job is required to provide an Employment Agency Bond by statute. Employment agencies must post surety bonds to legally conduct business. The surety bond guarantees that the agency will meet state licensing, compliance and financial requirements. The surety bond is a form of insurance that the agency purchases to guarantee to their clients their financial stability and legal compliance

States that require Employment Agency Bonds

Arizona Employment Agency Bond
Arkansas Employment Agency Surety Bond
California Employment Agency Surety Bond – $3,000
California Employment Counseling Service Bond – $10,000
California Prepaid Computer Employment Agency and Job Listing Services Bond
Connecticut Employment Agency Surety Bond – $7,500
Delaware Employment Agency Bond
Employment Agency Bond
Florida (City of Miami Beach) Employment Agency Bond
Hawaii Commercial Employment Agencies Bond
Hawaii Employment Agency Bond
Illinois Employment Agency Bond
Illinois Private Employment Agency Bond – $5,000
Indiana Employment Agency License Bond – $1,000 (2 years)
Iowa Employment Agency Bond
Kentucky Employment Agency Bond
Maryland Employment Agency Bond
Massachusetts Employment Agency Surety Bond – $3,000
Minnesota Employment Agencies Search Firm Bond
Nebraska Employment Agency Bond
Nevada Employment Agency Bond
New Jersey Employment Agency Surety Bond – $10,000
New York City Employment Agency Bond – $5,000
New York City Recruitment of Foreign or Domestic Household Employees Agency Bond – $10,000
New York City Theatrical Employment Agency Bond – $10,000
New York Employment Agency Surety Bond – $5,000
North Dakota Employment Agency Bond
Oklahoma (City of Oklahoma City) Employment Agencies Bond
Oklahoma Employment Agency Bond
Oklahoma Private Employment Agency Bond
Oregon Employment Agency Bond
Oregon Private Employment Agency Bond
Rhode Island Employment Agency Bond
South Carolina Employment Agency Bond – $3,000
Texas Employment Agency Bond
Texas Personnel Employment Service Bond – $5,000
Virginia Employment Agency Bond
Washington DC Employment Agency Bond
Washington Employment Agency Bond – $2,000
Wisconsin Employment Agent’s Bond
Wyoming Employment Agency Bond

These bonds are used to comply with the rules of the states, such as:

Control the use of any false or misleading advertising or business operational information
directing any candidate to an employer knowing they are breaking any labor laws
Forcing people into working on behalf of or for the agency
Suppling an employee to a company knowing there is a current strike in place
If an employment agency fails to comply with these terms or ones set forth in their state, the surety bonding company will pay parties for damages and losses up to the penal sum of the bond. If this occurs, “The agency”, must Indemnify (reimburse) the surety for all damages paid out including legal fees

An Employment Agency Frequently Asked Question

Does an employment agency have to be licensed?

Yes. Any person or business who operates as an employment agency. The law requires all employment agencies to be licensed by the State Commissioner of Labor. Contact us for more information about Employment Agency bonds and other Surety Bonds.

Adjuster Bond, Independent Adjuster, License and Permits Bonds, Nonresident Public Adjuster, Public Adjuster, Surety Bonds

Adjuster Bond Public and Independent

July 28, 2016 BFBOND

Adjuster Bond

Adjuster bonds is required by law if you operate as either a public adjuster or independent adjuster. The adjuster Bond penalty vary based on the required state.

List of States requiring a Public Adjuster Bond or Independent Adjuster Bond

California Insurance Adjuster Bond – $2,000

California Public Adjuster Bond – $20,000

Colorado Public Adjuster Bond – $20,000

Delaware Public Adjuster Surety Bond – $20,000

Florida Public Adjuster Bond – $50,000

Georgia Public Adjuster Bond – $5,000

Hawaii Public Adjusters Bond – $10,000

Idaho Public Adjuster Bond – $20,000

Illinois Public Adjuster Surety Bond – $20,000 (2 Years)

Indiana Nonresident Public Adjuster Bond – $10,000

Indiana Public Adjuster Bond – $10,000

Iowa Insurance Adjuster Bond – $20,000

Iowa Public Adjuster Bond – $20,000

Kentucky Independent Insurance Adjuster Bond – $1,000 (2 years)

Kentucky Insurance Public Adjuster Bond – $20,000

Kentucky Public Adjuster Bond – $20,000

Louisiana Public Adjuster Bond – $50,000

Minnesota Public Adjuster Surety Bond – $10,000

Mississippi Public Adjuster Bond – $50,000

Missouri Public Adjuster Bond – $10,000

Missouri Public Adjuster Solicitor Bond – $1,000

Montana Public Adjuster Bond – $5,000

Nevada Debt Adjuster Bond – $10,000

New Hampshire Public Adjuster Bond – $20,000

New Jersey Public Adjuster License Bond – $10,000

New Mexico Insurance Adjuster Bond – $10,000

New York Independent Adjuster Surety Bond – $1,000

Statistics recorded with Counterize - Version 3.1.4

New York Public Adjuster Surety Bond – $1,000 for 2 years

North Carolina Public Adjuster Surety Bond – $20,000

Ohio Public Adjuster Surety Bond – $1,000

Oklahoma Public Adjuster Bond – $25,000

Pennsylvania Public Adjuster Bond – $20,000 (1 year)

Pennsylvania Public Adjuster Bond – $20,000 (2 years)

Pennsylvania Public Adjuster Solicitor Bond

Public Adjuster Bond

Tennessee Public Adjuster Bond – $50,000

Tennessee Public Adjuster Bond (2 years) – $50,000

Texas Public Adjuster Surety Bond – $10,000

Virginia Public Adjuster Bond – $50,000

Washington DC Insurance Adjuster Bond – $20,000

Washington DC Public Adjuster Bond – $20,000

Washington Public Adjuster Bond – $5,000 only $100California Adjuster bond requires either $2,000 or $20,000

Public adjuster bond

The Public Adjuster Bond guarantees that you will comply with State laws and statutes and conduct business in accordance with all rules and regulations.

The Public Adjuster Bond is a license and permit surety bond that protects the policyholder for whom the adjuster rendered services from fraud, dishonesty, misstatement, misrepresentation, deceit and or any unlawful acts as they investigate the claim and issue their settlement recommendations.

You are required to obtain a surety bond to protect your clients. If you do not follow state regulations, a claim can be filed on your bond.

Why do you need a Public Adjuster Bond?

In the required States, any individual or business entity who aids an insured in negotiating the settlement of claims for loss or damage under an insurance policy or who advertises or solicits business as a public insurance adjuster is required to be licensed as a public insurance adjuster and obtain a surety bond to be in compliance with the state Statutes.

How long does the Public Adjuster Surety Bond last?

Each state has different year terms, 1 or 2 years, which means the bond will remain in effect until expiration date.

Call Jose: 800-921-1008 or email: JW@BFBOND.com

Administrator, Administratrix, Appeal Bond, Attachment Bond, Committee Bonds, Conservators Bond, Court Bond, Curator Bond, Custodian of Veteran Bond, Discharge Bond, Dissolve Injunction Bonds, Executor, Executrix, Garnishment Bonds, Guardianship Bond, Injunction Bonds, Personal Representative/ Administrator/ Executor Bond, Probate Bonds, Probate/Fiduciary Bonds, Receiver/ Assignee Bond, Release Bond, Replevin Bond, Stay of Excution Bonds, Supersedeas Bond, Surety Bonds, Testamentary Trustees Bonds, Trustee Bond

Court and Fiduciary Bonds

December 14, 2015 BFBOND

In today ‘s complex society, more and more people are engaging in litigation, which creates an increased need for the various bonds required in many cases.
BFBOND.com assures prompt service, not only in providing these judicial bonds locally, but also for those which a lawyer or one of his clients may be required to file in some other part of the country. We make our bonds and services available in all parts of the nation either directly working with the clients or through thousands of independent insurance agents and brokers. And, to assure these representatives and their clients effective action when coverages are needed or losses sustained, Bernard Fleischer & Sons, Inc maintains an expertly-staffed sales, underwriting and claim office.
Since 1949, Bernard Fleischer & Sons, BFBOND.com has been one of America’s pioneer bonding companies. We work with company ‘s approved as surety on bonds required by the Federal government. Bernard Fleischer & Sons, BFBOND.com consistently occupies a front-rank position in the surety field.
Our commitment to sound under writing principles enables us to provide a stable source of expert bonding service. At Bernard Fleischer & Sons, Inc, we believe that the proper handling of many forms of surety bonds requires technical knowledge that can be acquired only by a concentrated study of the subject combined with years of practical experience in the application of such knowledge.
Attorneys have come to depend on Bernard Fleischer & Sons, Inc experience and unparalleled service in meeting the special bonding requirements of the legal profession, such as:
• Administrator’s/Executor’ sf Personal Representative’s Bonds
• Guardian/ Conservators/ Committee Bonds
• Testamentary Trustees Bonds
• Receivers Bonds
• Trustee in Liquidation Bonds
• Trustee in Reorganization Bonds
• Attachment/Garnishment Bonds
• Replevin Bonds
• Injunction Bonds
• Indemnity to Sheriff
• Counter-Replevin Bonds
• Appeal, Supersedeas, Stay of Execution Bonds
• Release Attachment/Discharge Garnishment Bonds
• Dissolve Injunction Bonds
Contact us:

Visit: www.bfbond.com

William Fleischer, CIC

Jose Ward 800-921-1008 JW@bfbopnd.com

Lost Bank Book, Lost Bond, Lost Check, Lost Instrument bonds, lost promissory note, Lost Stock certificate

Lost Instrument Surety Bond for Stocks, COOP, Checks, Notes

December 8, 2015 BFBOND

stock

We all have done it, Lost or destroyed important papers, or had them stolen from us. Before a replacement of a lost Stock Certificate, COOP certificate, Check and Bank Notes is made, the Lost Instrument bond aka Lost Instrument Surety Bond is required.

In simple terms: The lost instrument bond protects the issuer of the new instrument if, the original is found and somehow used. If you find it, the original should be returned to the Surety company to proper destroy it, so it could never be used again.

There is a waiting period before you could secure a bond, usually it’s 30 days, in some cases sooner. Usually the process to secure and deliver the bond takes 1 or 2 days to issue but most of the time, they are issued in the office quickly and efficiently.

The Bond is priced based on the value of the instrument, if it is a fixed penalty, the most common are for Certified checks, Certificates of deposits, promissory notes fixed coupon bonds or an Open Penalty, such as Stock certificates and CO-OP certificates.

Just call us, and we will make it easy for you.

Jose 800-921-1008

Jose Ward | Bond Underwriter
T: 212 566-1881 ext.110

jward@bfbond.com

www.bfbond.com

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