|Bond Amount||Cost||Term||Apply Now|
|$50,000||$250.00*||one Year Term||Start Application|
*For qualified applicant based on credit and experience
According to Employee Retirement Income Security Act (ERISA), every fiduciary of an employee benefit plan and every person who handles funds of such plan shall be bonded in an amount equal to 10% of the funds handled (subject to a maximum of $500,000 or $1,000,000 when employer securities are included). If the plan includes non-qualifying assets, the bond amount is the greater of 10% of plan assets being handled or the value of the non-qualifying assets, whichever is greater (subject to limits stated above).
If the money manager who works directly for the retirement plan mismanages funds, the bond will hold that individual liable for losses. The bond amount can then be used to reimburse individuals for funds lost as a result of the fiduciary’s financial mismanagement. As such, a fiduciary’s bond amount must be reviewed and updated annually as the plan’s assets change.
ERISA surety bonds are not required for SEC-registered brokers and dealers that are subject to fidelity bond mandates of their own regulatory agency or organization.
A company who hires housekeepers, maid services, or residential cleaning services, may wish to have this bond in place to cover any acts of dishonesty or theft possibly made by that employee. With this bond in place, you not only will protect your business, but also your customers from losses that may incur as a result of theft committed by unethical employees.
A surety bond required by banks or other financial agents to properly re-convey an open note found on a preliminary title report. A Lost Trust Deed Bond is provided to the lender to clear the title to the real estate of a trust deed when the beneficiary cannot be located to execute and file a re-conveyance. Re-conveyance is when title to the real estate is transferred from the trustee back to the borrower when the secured debt is fully paid. The bond is typically recorded with the recorder or county clerk for the county where the property is located. The bond term is a three-year non-renewable term.