WE have been in BUsiness for 35 years and have been getting bonded since the start.Two years ago we switched to penn national and have had good luck. We sent for a $350000 bond yesterday and it was denied. Never had a problem ever before Even with much larger amounts. We are inc. with four share holders. THe reason it was denied was because they ran a credit rating check on us all and one of the share holders spouses rating was not very high. Notbad credit just didnt have any.WHAT THE HE## IS THAT ALL ABOUT. When did they start doing that? Is it because of the economy and/or other companys defaulting or what. Looks like we are going to get it worked out but man.........What if someone gets divorced....You following me. Who do you guys use for bonds.
Surety of the Pacific... I guess you can google them. Good luck. -Dan
Get used to it. Since the government sent all those truckloads of our tax money to the various financial outfits, credit loans has become non-existent, insurance people will not write any policies, and the ones they have already written have fast rising rates. Banks are not even loaning any money to each other, claiming that they have to perform stringent credit checks first. This is even for long time and long trusted partners and customers with exceptionally high credit ratings. They want to make sure that their senior managers and staff get their bonuses and salary increases first. Maybe around the middle of January 2009 things will loosen up, after these knuckle draggers have completely destroyed the worlds economies.
YA we have perfect credit never ever defaulted on anything. WE want money we call the local bank and swing buy to pick it up in an hour.same with the bonds,and then BAM now we have to jump through hoops
same deal here we been doing it for since 1980 never no trouble till the past year got it worked out 4 now but who knows what the future will bring like u we have never defaulter or lost anything
Well we are finally getting this years audit rapped up and that is going to help a lot with the whole bond issue. As for now everything is pretty much okay.