Surety Bond Check List

Escrow Surety Bonds are a financial obligation of the insured. The insured must qualify for the bond and their credit history will be checked. Qualifying for the escrow surety bond is synonymous with qualifying for a bank loan.

1. Only use the approved application.

2. Make sure the insured’s name on the bond is written exactly as it appears on the workers’ compensation policy.

3. Write legibly.

4. When writing a corporation, use the social security number of the principal, not the federal ID number (FEIN).

5. Round the bond up to the next $500. If the deposit were to be $4,189, then the bond amount should be based on $4,500.

6. Get the bond properly signed. An example of acceptable signatures is attached.

7. Return the completed application and check payable to:

First Benefits Insurance
P.O. Box 176001
Raleigh, NC 27619

The check amount due is 2% of line 8b of your “quotation for coverage.” If your client’s bond application is declined, First Benefits will contact you to secure the additional monies due to meet the 25% deposit amount.

8. Be certain to include the expense constant when asking your client to prepare his surety bond premium check. The expense constant is found on line 9 of your “quotation for coverage” page.