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Ive had my Surety Bond for years and now I cant get approved.  What can I do?
Why is this Happening?New bonding requirements by the states.Economy downturn has tightened qualification standards.
What Hurts Bond Qualification? Reduced Credit Score
 Stricter Underwriting Guidelines
 Loss of Assets
 Previous Bond ClaimsBut Ive Had this Bond for YearsEvery year, renewal has been easy. Why now with the headache?
Guess what . . . Its not your fault.Its time for action.
What We Recommend . . .Broaden your search for someone to write the bond.
What We Recommend . . .All insurance companies have agency minimums.If youre problem is credit, you need an agent who can write sub-standard business.
Sub-Standard Explained.Sub-standard agencies write bonds at higher premiums based on credit.They may require: a Bank Letter of Credit (LoC)
 Cash Collateral
 Personal PromissoryBank Letter of Credit - LoCA Letter of Credit is essentially a document:- Issued by a bank- Guaranteeing your financial obligation.
Cash CollateralCash Collateral refers to you postingcash that can be returned after a creditscore increase or 1-2 years of a good track record.
Personal PromissoryBonds issued off of your businessfinancial health may require the ownerto personally back the bond.

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