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Lost Title Bonds

Lost Title Bonds Suppose you bought a car from a private seller, an individual you don’t know very well, and were given a receipt or bill of sales, but no title. How do you register the vehicle without a title? The short answer is: you buy a lost title bond. Learn more about these bonds, and request a quote from Surety Bond Professionals today. What Is It? A lost title bond will enable you to get a bonded title from your state’s motor vehicle department, which will allow you to register the vehicle. The bond is your guarantee that anyone who later shows up and claims a valid, verifiable ownership interest in the vehicle will not suffer a financial loss because you have purchased the vehicle and registered it in your own name. Who Needs It? In the majority of states, anyone who has purchased a vehicle and does not have a valid title for it will need to obtain a lost title bond in order to insure the vehicle, register it in their own name, or sell it. This applies in cases where: The purchaser received no title The purchaser received a title that was lost or stolen...

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Encroachment Bonds

Learn more about encroachment bonds below, and contact Surety Bond Professionals today to request a quote. Our experienced surety agents are ready to help you get the bonds you need. What Are Encroachment Bonds? Encroachment occurs when a private entity wants to place a cell tower, utility pole, fence, billboard, or other “encroachment” on private property adjacent to public property. The contractor hired to do this work must first obtain an encroachment permit, which includes purchasing an encroachment surety bond. While the details vary from state to state, the state’s Highway Department or Department of Transportation typically is the agency that issues encroachment permits and requires the purchase of these bonds. In some states, however, encroachment permits may also be issued by local jurisdictions. An encroachment bond provides a guarantee that the contractor will act in accordance with applicable state and/or municipal laws and regulations when placing the encroachments on the private property. These will be specified in the bond agreement. The bond agreement makes the contractor legally responsible for preserving and protecting adjacent public property. They are also responsible for the cost of repairing any damage or alterations and restoring the public property to its pre-encroachment condition. Who...

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Advance Payment Bonds

In the construction industry, contractors may need a client to make a down payment, also known as an advance payment, to cover the cost of materials or equipment required to initiate a project. In making such a payment, the project owner is exposed to the risk that the contractor will default on the project without returning the amount advanced. That’s where advance payment bonds come in. Learn more about these bonds below, and request a quote from Surety Bond Professionals today. What Are They? An advance payment surety bond is the contractor’s guarantee that the advance will be returned to the project owner if for any reason the contractor becomes insolvent or otherwise fails to meet contractual obligations. The bond protects the client, not the contractor. Advance payments are typically repaid by the contractor through deductions applied to interim (or “progress”) payments from the project owner. These deductions are normally spaced out so that a certain percentage of the advance payment amount is deducted from each payment the project owner makes to the contractor until the entire advance payment amount has been repaid. Who Needs Them? Contractors undertaking projects that require a substantial initial outlay of money often negotiate...

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Health Club Bonds

Learn all about health club bonds, and request a quote from Surety Bond Professionals today! What Are They? Health Club bonds are required by the state as a condition for obtaining a license to operate, which makes them a type of license and permit surety bond. Their purpose is to protect consumers from financial loss due to the illegal actions of a health club. For instance, club members may file a claim against the bond in the event that a health club goes belly up without refunding the balance of membership fees. Who Needs Them? Different states may define “health club” differently. While you may think of a health club as being a facility that offers fitness training, other types of health organizations may also fall under the heading of “health club” in the view of the state where you reside. Any health organization that sells prepaid memberships may be required to purchase a health club bond in order to become licensed or renew an existing license. Health clubs that maintain more than one location may need to purchase a separate bond for each site. How Do They Work? There are three parties that become legally bound together through...

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Money Transmitter Bonds

Learn everything you need to know about money transmitter bonds, and request a quote from Surety Bond Professionals today! What Are They? Money transmitter bonds are a type of license and permit bond, as they’re required in order to become licensed as a money transmitter. Their purpose is to guarantee that the money transmitter will comply with all laws and rules established within the industry to govern the conduct of money transmitters. The bond protects consumers from financial loss resulting from the unlawful or unethical actions of a money transmitter and is essential to maintaining the integrity of the money transmitter industry. The licensing and bonding requirements for money transmitters have become more stringent as digital commerce and online money transfers have become commonplace. Who Needs Them? Laws requiring the purchase of money transmitter bonds are established at the state level and vary from state-to-state—but nearly all states require such bonds. The term “money transmitters” is a broad occupational category that includes online retailers who accept credit card payments, payment processors, and companies that handle wire transfers of funds between individuals or companies—both within the country and across international borders. Consequently, money transmitter bonds are also known as money...

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Understanding Reclamation Bonds

Learn more about reclamation bonds, and request a quote from Surety Bond Professionals today.

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How to Get a New Hampshire Contractor’s License

Some states have no statewide requirement for licensing of general contractors. New Hampshire is one of them. While some specialty contractors, like electricians, plumbers, and lead and asbestos abatement specialists are licensed at the state level in New Hampshire, general contractors are not. That said, there may be licensing requirements at the municipal level for general contractors. Here’s how to get a New Hampshire contractor’s license.

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How to Get a Maine Contractor’s License

Maine does not require general contractors to be licensed and does not regulate their activities. That said, Maine’s Office of the Attorney General does accept and investigate complaints against contractors and will bring a lawsuit against the contractor if mediation does not resolve the complaint. Although general contractors are not subject to licensing in Maine, practitioners of certain building trades are. In this post, we’ll cover how to get a Maine contractor’s license and other important information you need to know.

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How to Get a Contractor’s License in Vermont

Currently, there is only a statewide licensing requirement in Vermont for certain specialty contractors, like electricians and plumbers. Some municipalities, however, required construction contractors to be licensed. Here’s how to get a contractor’s license in Vermont.

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