Q. Does anyone know if a business owner has ever been refused the right to purchase a bond because of insufficient financial assets? The bond in question is for $50,000 and the profession is being an arts agent.
Area of Expertise: Accounting and Finance
Industry: Arts: Music/Fine/Performing
2 answers | Asked on 01/27/10 by:
Renee Getreu
Mount Shasta, CA, United States
Answers
Steve Ferrell
Saint Charles, MO, United States
Renee,
What type of bond? There are several. Typically a bond is like an insurance policy of sorts. You must be able to qualify and pay for the bond. The best bet is to find a good commercial insurance agent in your area to discuss the particulars. I hope this helps.
Posted on 02/05/10
Rex Caton
Charlotte, NC, United States
The bonding company would have to pay for what ever you are bonding if you would default on delivering what you promise a customer, so the bonding company needs to make sure you are financially stable before they will bond you. A bond is a temporary Help to you if they have to pay it. The bonding company will still look to you (your financial wealth), to get the money back, unlike insurance....
Posted on 02/08/10
