Surety Solutions as a Company
Who is our founder?
Corban Enns :)
Who are the 3 parties to the bond and which party requires the bond?
Principal, Obligee and Surety. Principal.
Name a surety that is a Sponsored/Certified Carrier in A3.
CAP/ Hanover/ Westfield/ SwissRe/ GCNA/ Hartford or Lexington
A licensed professional who provides accounting services.
Certified Public Accountant (CPA)?
What is a Dog Bite Bond?
Requires any owner of a dog that has bitten a human to take steps to ensure the dog doesn’t harm other people.
What year was Surety Solutions acquired by AJG?
2019
What are the 3 C’s of surety?
Character, capacity and capital
What is a $ sign activity?
Activities in Epic are tasks assigned to the Servicing Role individuals listed on an a Client account. These Activities are telling you that action is required. $ Activities are tied to billing.
What is a Dance Studio Bond?
Requires dancing schools to provide quality dance lessons and follow all code of conduct.
What year was Surety Solutions founded?
2004
Which type of Surety makes up 2/3 of the industry written premium?
Contract Surety makes up 2/3 of the industry written premium
When does a cancellation occur vs. a non-renewal?
A cancellation is at midterm. Non-renewal is at end term.
What is a Milk Dealer Bond?
Guarantees payment of shipments to the various milk producers for which the milk dealer has a contract with.
Who was Surety Solutions first client? (Extra 200 points if you know the bond type and amount)
Starpointe Mortgage.
*$20,000 Illinois Mortgage bond
What is the difference between Surety and Insurance.
Insurance is just 2 parties. The insured and the insurer. Losses are expected. Insured pays a deductible as their portion of the loss along with the regular premiums.
Surety is a 3-party obligation. Principal, Obligee and Surety. Losses are not expected. Principal must reimburse the Surety for a loss.
What does NMLS stand for?
Nationwide Multistate Licensing System
What are the three types of financilas?
CPA Audit, Reviewed, Compiled/Compilation
What is a Cemetery Brokers Bond?
Promises honest and faithful performance by any person who sells, buys, lists, leases, or solicits the purchase of a cemetery property.
Who was the first Law Firm to support Surety Solutions?
Thomas Law Firm
What are the Commercial Surety Bond Types?
License & Permit, Judicial, Probate (Fiduciary), Public Official’s, Miscellaneous and Commercial Contract
When do you issue a Duplicate Original vs. a Superseding Duplicate Original?
Superseding DO replaces all other forms of the bond. (Issued when a change is needed) Duplicate Original is a copy of the bond form. (No change)
What is a Photocopier Bond?
Promises that photocopier service providers will comply with business provisions and professional code when providing photocopy services.