NNA Surety provides two different kinds of bonds: surety and fidelity. Surety bonds and fidelity bonds are important — and sometimes required — in a wide range of industries including title and escrow, mortgage servicing, tax preparation, immigration services, Notary services, healthcare, car dealers and a variety of real estate contractor services such as building, electrical, plumbing and appraisal.
What is a surety bond?
A surety bond is a legally binding agreement between two parties in which one guarantees to provide the other with a service or deliver a product within a given timeframe. This guarantee is backed by a bond. The amount you must pay depends on your credit and bond must be renewed annually or bi-annually depending on individual state requirements. In any surety bond, the following three parties are involved:
Principal: The person or company purchasing the bond.
Surety: The surety is the insurance underwriter that insures the bond. If the principal fails to deliver on any bonded transaction, the surety will provide a line of credit to cover the damages.
Obligee: The obligee is the party requiring the bond.
What is a Fidelity Bond?
Fidelity bonds are typically held by companies to cover losses due to employee theft or embezzlement. These bonds function as a kind of insurance for the policyholder should he or she become a victim of fraud.
What is the cost of the surety bond?
The cost of surety bond(s) will be based on the applicant’s credit, work experience, and financial strengths. Surety bonds are essentially a line of credit and therefore the cost can vary greatly between applicants.
Can I pay my renewal payment online or by credit card?
Currently there’s no online access to renew your bond, but we can accept credit cards over the phone. Please call our licensed agents to process your payment at 855-215-2160.
I have submitted my renewal payment to NNASuretyBonds.com; when can I expect to receive my renewal certificate or bond?
Typically, turn around is five business days from when payment is received by our office. This will not affect the renewal dates listed on your renewal certificate or bond.
How can I obtain a ‘proof of bond’ notice verifying my bond/policy?
You may contact your agent directly or request through our office via email to firstname.lastname@example.org. Please provide the bond number, the name listed on the bond, and your relation to the company on the bond.