Has any one here got any good bonding companys? I am new to the whole bond process I have done Lots of jobs just none that require bonding. I am finally looking at my first bondable job and don't even know where to begin. I did a quick google search and found a couple companies how ever they all want my company info my personal info as well as my wifes personal info. I just feel this is an incrediable over reach upon them. I can fully understand my company info as they are writing a bond for the company. I might even be able to understand my info because I am 100 percent owner. But wanting my wifes? what gives if I was to list her I think it would hurt my chances of getting bonded. and what difference do it make to the bond company what is on her? am I totally missing the band wagon here or what? If they are asking for spouse info why don't they go ahead and ask for kids parents aunts uncles and any one you may ever meet in your life? I mean at some point there has to be a logical reason as to what they want but I thought the whole reason of having a corp was to avoid having your personal and business separate? now not only do they want both of them but now they are asking for extended family.
The bonding company is asking for your spouse's information and probably a signature on a personal guarantee so they can have you and her personally liable for the bond. It's just the way it works especially on your first bond. Basically the bonding company want's to make sure that if your company defaults they can recoup the costs from you and your spouse. The reason for that is if you were to fold the company and move assets into your spouse's name, they can pursue those assets if she's not liable. If it was just the company and you personally you can hide/transfer assets out of their reach easier. Corp's protect you personally in the legal system however banks/insurance/bonding companies want to make sure their investment can be paid back. What type of bond are you applying for - bid, performance, payment or performance and payment?
applying for all 3. I understand about the transferring the assesst how ever you could transfer them to any one.
Simple, don't give them any info, put up cash for the bond. They are taking a big risk, they need to know the background of who they're dealing with. Kind of like getting insurance without a record, it will be expensive until you have established a record. Maybe impossible to get a bond if you or the wife have fraud or other white collar crime histories. I doubt they're concerned about a DUI or ugly divorce procedings.
Went through all this and thought the same thing. Way my bond agent said it to me was " If your wife won't sign for you why would we". Just a necessary evil and don't screw these jobs up.
Check with your commercial insurance agent; they might handle bonding or know of one to recommend
Thats who handles ours
Agree, my insurance company handles bonding as well.