Commercial Surety Bonds
Here at BaySide our Commercial Department is very unique to the surety industry. Every commercial bond request is unique in its own way and should be treated as such. We have several Commercial markets who work closely with us to consider every bond request regardless of the financial’s presentation, credit of the Principal, or circumstances.
We have markets that specialize in most types of commercial surety bonds. For the most common bonds, it is a quick process, but for the harder to place bonds, a little more information is needed and will help our underwriters to better understand the dynamics of a bond request or the circumstances of financial presentation and/or credit issues.
The Federal Motor Carrier Safety Administration has recently increased the ICC Property Broker Bond (most commonly known as the BMC84) from $10,000 to $75,000 in penal sum. Most Surety markets do not write this type of bond as they are considered a nuisance due to the many claims filed. These bonds are often declined if a Principal’s credit doesn’t qualify or they do not have CPA Prepared Year End Company Financials. With creative underwriting, understanding and the consideration of the underwriter, we have been able to submit many ICC Broker Bonds with competitive rates.
We have recently partnered with surety markets who give special consideration to the applicants of Probate/Fiduciary Bonds. With understanding of these bonds, we are now able to specialize in Probate/Fiduciary Bonds.
We are asked from time to time what are commercial, court, miscellaneous, and fidelity bonds. There are many answers to this question: they are required by certain federal, state, or municipal governments as prerequisites to receiving a license or permit to engage in certain business activities. These bonds guarantee that the Principal will comply with statutes, state law, municipal ordinance, and/or regulations. Additionally, they can be required by statute and relate to court matters. Court bonds fall into the 2 categories, Court/Judicial Bonds and Probate/Fiduciary Bonds. Court/ Judicial bonds are bonds that come from litigation and are posted by parties seeking court remedies or defending against legal actions seeking court remedies. Probate/Fiduciary guarantee that persons appointed with the Probate Court are entrusted with the care of others’ property and will perform their specified duties faithfully.
Miscellaneous bonds are those that do not fit under the commercial classification. These bonds are often for private relationships and unique business needs.
Fidelity bonds, commonly known as dishonesty bonds, cover theft of an employer’s property by one of their employees. Although they are referred to as a surety bond, a fidelity bond acts more as an insurance policy rather than a surety bond.
Below are some of the bonds included in BaySide’s Commercial Surety Program:
- Commercial Bonds / Miscellaneous Bonds
- Notary Bonds
- Public Official Bonds
- Utility Deposit Bonds
- New / Used Motor Vehicle Dealer Bonds
- Bond of Designated Agents
- Wholesaler & Dismantlers Bonds
- Certificate of Title Bonds
- DEMPOS (Medicare) Bonds
- Patient Trust Fund Bonds
- Contractor’s License & Permit Bonds
- Contractor’s Tax Bonds
- Liquor Liability Bonds
- Financially Responsible Officer Bonds
- ERISA Bonds
- Janitorial Services Bonds
- Employee Dishonesty Bonds
- Mortgage Broker Bonds
- Title Pledge and Check Cashing’s Bonds
- Right-of-Way Bonds
- Subdivision Performance and Maintenance
- Annual Renewable Service Contracts
- Stockyards and Packer’s Bond
- Agricultural Products Dealer
- Manufactured Home Bonds – Dealers and Installers
- Surplus Lines Brokers
- Public Adjusters
- Postsecondary Education
- Auctioneer Bond
- Inspection Bond
- Petroleum Fuel Bond
- Pest Control Bond
- On-Site Waste Water Bond
- Pawn Broker Bonds
- Lottery Bonds
- Waste Management Bonds
(Home Office) Mobile, AL
Fax: (251) 661-0790