Jen Grenrood joins Integrity Surety!

Integrity Surety Welcomes Jen Grenrood! Integrity Surety is pleased to announce that Jen Grenrood has joined our team as our new Regional Vice President. Her addition to the Integrity team comes with the opening of our new Idaho branch (Integrity Surety of Idaho)....

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What’s an “AIA Bond Form”?

AIA Bonds Explained The American Institute of Architects (AIA) creates over 200 contract templates used throughout the construction and architectural industries. These contracts are popular because they reflect the industry consensus on terms and procedures and have...

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Surety Bonding… In Space!

The reach of human existence is expanding And where humans go, business and industry follow. As of November 2022, there are 8261 individual satellites in orbit, as well as the international space station. Beyond those satellites, remnants of human life, such as...

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November 30th is Computer Security Day

Did you know November 30th is Computer Security Day?  We take data security very seriously at Integrity Surety and thought we’d share with you some of our favorite tips to help keep your data safe. Remember, it’s never just YOU that’s affected – your company, your...

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What is NMLS, and why do we use it?

The Nationwide Multistate Licensing System (or NMLS) began as a system of record-keeping for state-issued mortgage licenses, and has since expanded to include other financial-services-related business licensing. Today, for instance, mortgage broker bonds are filed...

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What Is A Freight Broker Bond?

Freight Broker Bond season is approaching, and now more than ever, the world relies on truckers. These bonds are often referred to as BMC-84, Freight Broker, or FMCSA (Federal Motor Carrier Safety Administration) bonds. It guarantees that the broker will operate in...

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Subdivision Bonds In Washington

In Seattle, like many cities across the US, it’s hard to drive a few miles without passing a group of new townhomes or luxury apartments. For these projects, developers will likely have to get a Subdivision Bond. These bonds are classified as contract bonds or...

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Our Courier Fee Is Increasing

In order to keep up with increasing UPS costs, we’ve had to increase our overnight courier fee to $45. Remember, if you have your own UPS account, we’re always able and happy to bill your account rather than charge our $45 fee. Please provide your UPS account number...

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Can I get a refund on a Performance Bond?

The construction industry is unpredictable, and a change in contract price is common. Many contractors wonder if they can get a refund on their bond premiums. The answer is sometimes. But also, sometimes there can be an additional billing Performance Bonds guarantee...

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Bid Bonds in Washington

What is a Washington bid bond? Let’s say an obligee (usually a large general contractor, a government body, or an institution such as a school or church) wants to hire someone to do a project for them. They could request bids to see which contractors can provide the...

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What is a Washington Contractors License Bond?

In many states, to be a licensed contractor, you are required by the state to have a bond. Sometimes it’s state-regulated, and other times it differs between counties or even cities. In some states, the requirement is the same for everyone, and sometimes it’s set by...

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Why Do I Need To Provide FYE Statements?

Fiscal Year End Report ("FYE") Explained As the Fiscal Year ends and the spring bidding season begins, your Surety needs to update your underwriting files with current data. Your assistance in keeping your file up to date will allow the Surety to provide accurate...

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How Much Do Bid, Performance & Payment Bonds Cost?

One of the first questions we hear from potential clients is “Can you get me a Surety Bond?” and the second is “How much will that cost?” Our answers are typically “Depends on several underwriting factors, but it doesn’t cost anything to find out”.  Here are the...

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What Are Financial Statements?

Financial Statements Explained As a Contractor or other entity needing a Surety Bond Program, you're likely being asked to provide Financial Statements. This may be confusing, since you were able to easily buy $1,000,000 of Insurance without any Financial Statements,...

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Do I Qualify For A Surety Bond?

The Three C's of Surety - Qualifying for a Surety Bond What are the parameters used for determining if you qualify for a surety bond? This is where underwriting comes in. Underwriting is what the surety company will do when an insurance agent presents a new principal...

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Commercial Surety Bond Categories

The two main categories of surety bonds are contract and commercial. There are many types of commercial surety bonds, and there are often many names for those types. The standard ways to classify commercial surety are license and permit, court and probate, financial...

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Contract Surety Bond Categories

There are two main categories of bonds. Each surety company classifies them differently, but traditionally, surety companies will have contract surety bonds and commercial surety bonds. Commercial bonds are essentially miscellaneous bonds, while contract bonds are for...

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Who Are The Parties That Make Up A Surety Bond?

The three parties to a surety contract are the surety company, the principal, and the obligee. Surety Our first party is the Surety. In the United States, corporate surety companies are typically insurance companies. They underwrite the principal and obligation to see...

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What are the Three C’s of Surety?

In Surety underwriting, there are many factors which go into the determination whether a Surety can tell an Obligee (via a bond) "Yes, this Principal/Contractor has the ability to complete your contract". A number of these factors fall under what the Surety industry...

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Can I Witness Myself?

Witnessing Bonds and Bond Applications Not all applications and bonds need to be witnessed, but if you have a document that requires witnessing, this signature provides evidentiary support in case there is a dispute about who signed. Generally, a witness must be a...

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Looking for more Cashflow at very low cost?

Do you have clients holding Retainage on your contracts? Release of Retainage Bonds can be a solution to help get your retainage released early and increase working capital in your company. These bonds can be written at the start of a contract, in the middle of a job...

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How Do I Increase My Bonding Capacity?

Derived from NASBP’s Answers to 51 Questions Small Contractors Ask About Bonding Like bank credit, bonding is mainly dependent on strong financials and adequate liquidity for a contractor to take on construction projects. Bonding capacity is the maximum amount of...

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Surety vs. Insurance: What’s the difference?

The two are commonly confused. Many think that surety is insurance, but it is ASSURANCE. Surety is a guarantee. The only reason surety is licensed under the insurance division of most states and lumped in with the sale of insurance is because it is a transfer of risk....

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What is “Consent of Surety”?

What is “Consent of Surety”?

We often receive phone calls from our clients, with a hesitant, questioning tone to their voice, advising that they've been instructed to gain "Consent of Surety", for one need or another. But what is "Consent of Surety"? Essentially, this is the Obligee "checking in"...

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Washington Geoduck Bond?

What is a Geoduck Bond? Did you know that Integrity Surety writes Geoduck Harvesting Performance Bonds? A hybrid of Lease, Performance, and Service, many sureties find the obligation tricky, but Integrity Surety has the experience, understanding, and markets to get...

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What is a Bank Letter?

Integrity Surety is a large writer of SBA-backed SBA Surety Bond Guarantees, and has several programs that require a "Bank Letter" with certain information. Also, oftentimes, a particular surety submission, particularly for a Performance Bond, needs a “Bank Letter”...

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