Bryant Surety Bonds will be closed on Thursday, July 3rd for Independence Day Weekend; we will return on Monday, July 5th.  We hope you all have a safe and pleasant holiday. While we are closed, please explore our website for information on surety bonds, and when you are ready, use our free online application.  We look forward to quickly responding to your needs when we return.

Following the lead of bonding companies, Bryant Surety Bonds will be closing at noon (Eastern Time) on Friday, May 23rd.  We will reopen on Tuesday, May 27th.  We hope that you all have a fun, and safe, holiday weekend.  We look forward to helping you with all your surety bond needs when we return.

 For those wishing to apply, our online application can still offer instant quotes while we are away.  If you are search of information, take a look at the surety bonds we offer, or our surety bond FAQ.

More bad news for mortgage brokers and bankers as The Commerce Department reported today that new homes sales dropped 8.5% last month, representing the lowest level (slowest pace) in over 16 years.  On top of this came news that the median price of new home sales dropped by the largest amount in almost 4 decades, the drop was 13.3% from a year ago.

Mortgage brokers looking to expand into new territories in hope of bumping revenue should take a look at our state by state mortgage broker licensing guidelines.  We have just added a few new states: Oregon mortgage broker bond, Pennsylvania mortgage broker bonds, and for South Carolina mortgage brokers.

The median price homes sold in March dropped to $200,700, a decline of 7.7% from the median price in March 2007. The National Association of Realtors revealed today that sales of existing single-family homes (including condos) also dropped 2%.

Bryant Surety Bonds also wants to make mortgage brokers aware that additional states have been added to our state licensing guide.  The new states are for Georgia mortgage brokers, New York mortgage brokers, North Carolina mortgage brokers, and Ohio mortgage brokers.

Bryant Surety Bonds is proud to unveil our state by state mortgage broker licensing guide.  Because each state has its own laws and regulations, it is our hope that this guide will make it easier for mortgage brokers to know what they need to do to qualify for licensing in a new state.

Currently we have guides up for Alabama Mortgage Brokers, Alaska Mortgage Brokers, Arizona Mortgage Brokers, Arkansas Mortgage Brokers, Florida Mortgage Brokers, and New Jersey Mortgage Brokers.  We will be adding to this list all the time, and will update you when new states become available.

Bryant Surety Bonds, Inc will be closed on Friday March 21, 2008.

Please explore our website to learn all about the Surety Industry, along with surety bond information by business type.

Also be sure to fill out an surety bond application, it is easy to do as everything can be completed online, and instant quotes are available.

Though not directly related to the surety bond industry, we though we would post a quick snapshot of what happened on black Friday. This day every year tends to give a quick view of the american economy and how comfortable consumers are to spend money. A good black friday, and therefore a good holiday season can great effects for retailers which then can ripple out to other parts of the economy in the new year. Lets look at the highlights:

It is still very early, and all the results are not in, but there are some encouraging signs that the holiday season could very well out pace predictions. Look for future posting on this topic in between our normal surety bond information postings.

Because the majority of sureties are closing early on Wednesday, November 21 2007, Bryant Surety Bonds will follow as well. Bryant Surety Bonds will close at 11 AM EST on Wednesday so that our employees can enjoy a nice long holiday weekend with their families. We will return on Monday the 26th rejuvenated and ready to satisfy your bonding needs with fair quotes and unmatched customer service.

Just because we are closed does not mean you are stuck. Please visit our site and learn about all the surety bond types, and when you are ready apply use our online surety bond application.

We thank you for the ability to serve you and wish you Happy Thanksgiving.

The surety bond industry can be broken down into major categories and sub-categories of these bonds. The two major surety bond types are commercial and contract bonds (court bonds being a third). To truly understand the surety bond market, and how it is viewed, you must know these types of bonds and what they mean. This article will discuss each major bond type, what they guarantee and examples of contract surety bonds and commercial surety bonds.

Think of Contract Bonds like a contractor for your building or dwelling. Contract bonds gives protection on specific contracts by assuring the project owner, or obligee, that the contractor, or principal, will guarantee performance on specified contract. The contractor shall work and pay laborers, sub-contractors and suppliers for material. Some major sub-categories for contract bonds are as follows:

1. Bid Bond is a guarantee that the contract, once awarded, will be performed at the bid amount. The bonding company, or agent, will underwrite the bond and provide the performance. The bidder becomes the contractor, or principal if awarded the contract. If required, the agent also provides payment and maintenance bonds.
2. The contractor will perform a contract under terms and conditions of its Performance bond. Simply stated, the principal shall complete the work under the terms and conditions of the contract.
3. The principal shall pay material suppliers, laborers and sub-contractor(s). Payment bonds guarantee this will happen. In some instances, the principal shall not be paid until all others are paid.
4. Maintenance bonds guarantee that materials and craftsmanship is acceptable to the obligee. Maintenance shall be performed after a specified amount of time due to lack of craftsmanship or defective material or the like.
5. Subdivision bonds guarantee improvements nearby, such as curbs, sidewalks, sewer and gutter; be it replacement or new construction. The principal shall promise to finance and construct items listed in this bond. Subdivision bonds may include construction and financing of traffic lights, drainage systems, streetlights, etc.

Commercial Bonds guarantee the principal listed on the bond will perform as specified in the bond. These are much different than the contract bonds, as you will notice just by their bond types.

1. License and permit bonds guarantee the operator shall be licensed. The licensee such as an auto dealer bond, telemarketing bond, mortgage broker bond shall perform to the terms set forth in each specific bond. 
2. Public official bond is that of the performance of a public official is guaranteed.
3. Miscellaneous Bonds guarantee lost securities. This sub-category bond includes but is not limited to utility payments, union fringe benefit contributions, workers compensation and certain leases.

There are many other sub-category bonds in both contract surety bonds and commercial surety bonds and to numerous to mention. The sub-category bonds each have their own different type of surety bond to offer. For instance there are literally hundreds of bond types in License and Permit Bonds alone. It is common that agents may deal with a sub-category bond for which they never came across before.

Perhaps the reason it is useful to know about these different bonds is that each bonding company underwrites each sub-category differently. The industry defines this terminology as “language”. The requirements for each sub-category have as many similarities as there are differences.

Cost is usually the first concern when a consumer buys anything. This is an important factor but not necessarily the first consideration when purchasing everything, specifically surety bonds. One must look at other features such as the financial strength of the surety, the reputation of the bond agency, any additional available surety credit, requirements for renewal and others requirements specifically tailored to your needs.

Bond Agency: Look for good customer service in this area. An agency lacking in this could lead to bigger problems. Many customers making the switch have left because their previous agency had inadequate customer service. One client said they waited weeks to receive their bond even after making payment. We find this kind service to be unacceptable and pride ourselves as one of the quickest in the industry. While our competition may take more than a week to quote, we provide an instant on-line approval for many classes of business; most other quotes take one to three business days. In a world where often you get what you pay for, be cautious when it comes to service. Bryant Surety Bonds, Inc. is not always cheapest but we are very competitive and our service is first rate. Not only that, but our reputation has allowed us to receive several exclusive markets from sureties.  

Financial Strength of Sureties: AM Best analyzes bonding companies’ financial strength and gives ratings by letter grade. This is a good source when evaluating bonding companies. Also, different surety bonds may have letter grade ratings. A contract bond may require a surety with a certain letter grade. Otherwise the bond, as good as it seems, is useless if it does not meet the contract specifications. Another good source is Federal Treasury List for contract bonds and commercial bonds. This list, also known as the T-list, has a directory of all bonding companies meeting the requirements of the federal government. It is important that you check with the obligee for bond acceptance on any bond prior to sending payment. Once the bond is issued, it is fully earned the first year in most cases. That means if you cancel after issuance, there is no refund.  Bryant Surety Bonds, Inc. represents only A-Rates, T-listed Sureties.

Requirements for Renewal: When you “shop” for surety bonds, this feature will vary the most with different bond agencies. While most will ask for account updates, some will require new business and personal financial statements, others will need information on business financials only, credit reports and the like. Not only is it annoying to update, this could pose a potential problem for some principals. If the bonding company’s requirements are not met, the surety may not renew the bond. Even if you have been with the agency for years, you could jeopardize the bond if you do not meet the current guidelines from the bonding company.

Some agencies automatically renew sureties without any updates at all. This is a clear advantage as there is no fear of being dropped after a particularly bad year or, having the surety complaining of a net loss at the end of the year from a large owner draw.

Potential for Additional Bonds: Depending on how hungry a bonding company is for your business, the underwriting guidelines could vastly differ. Some conservative carriers will not write a bond for principals below a 700 credit rating while others will approve with a 615 credit score and still provide a competitive rate. Bryant Surety Bonds, Inc. can offer standard rates for some business classes due to our volume, regardless of credit ratings. The strict underwriting of conservative bonding companies allows for low claim rates thus the premiums are lower.  If you are looking to expand your company and need additional bonding, you need to be aware of the potential for additional bonds available and the bonding companies who will provide them for you.

In summary, cost is a factor along with a good knowledge and decision making when purchasing a surety bond. The decision to purchase a surety bond on cost alone could be dangerous when considering the poor service/response time from your agent, renewals are not granted, or there are no provisions for additional bonding.