You can apply for a surety bond online. You will also have to furnish your personal and business information. In the process you will be asked certain questions by the underwriter to determine the price of the bond. When deciding on the price, an underwriter considers the risk factors associated with the applicant. The objective is to determine the principal’s financial ability to finish to commit to the task at hand.
Three main factors that influence the price evaluation are:
Credit history: The underwriter will check the credit history of the applicant.
Experience: The objective here is to check the experience of the principal in handling business and past licenses. Some of the questions that you will be expected to answer are:
1. Have you ever had a surety bond canceled, denied or were refused renewal?
2. Have you had a license suspended, revoked or denied?
3. Have you faced any legal or administrative actions against you?
4. Do you have any pending lawsuits, or judgements?
5. Do you have any outstanding liens or unpaid child support?
6. Have you ever been convicted of fraud or felony?
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