Who is required to have an Escrow Agent Surety Bond?
Escrow Agent Surety Bonds are required for individuals and businesses that provide escrow services. This entails a third party which receives, maintains and then disburses various types of documents, such as a deed or bond, valued assets or funds on behalf of the primary transacting parties.
How do Escrow Agent Bonds work?
These license and permit surety bonds ensure that the agent delivers the escrow in the agreed upon timeframe, and operates in accordance with all applicable laws and regulations.
These surety bonds also protect against potential acts of fraud, dishonesty, misstatement, misrepresentation, deceit and unlawful omissions.
Which states require this Surety Bond?
Pacific Surety proudly offers Employment Agency Surety Bonds in the following states:
If you do not see your state listed, please contact us, and our knowledgeable underwriters will assist you.
What is the bond amount for Escrow Agent Surety Bonds?
Amounts for Escrow Agent Surety Bonds vary and are set by the local rules and statutes regulating the industry. Therefore, bond amounts and requirements will fluctuate from bond to bond. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much do Escrow Agent Surety Bonds cost?
Pricing for Escrow Agent Surety Bonds varies, and your premium will be based on the following factors:
- State the bond is required in
- Amount of the bond
- Term length of the bond
- Personal credit for all owners with at least a 10% ownership stake in the business
Individuals with good credit can expect to pay 1%-5% of the bond amount. Qualified applicants could pay as little as $100 annually for a $10,000 Escrow Agent Surety Bond. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get an Escrow Agent Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Escrow Agent Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How do I purchase an Escrow Agent Surety Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
How are claims handled for Escrow Agent Surety Bonds?
Unlike insurance, which protects your business, Escrow Agent Surety Bonds protect your customers. They guarantee you will provide services to the public in a professional and lawful manner.
If you do not comply with the terms of the bond, your customer can file a claim with the surety company for relief. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. You are then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety in the defense of the claim.
Claims can be detrimental to your business. Not only do they cause financial harm, they make it very difficult, if not impossible, to get bonded again.