shamrock bonding services |

A Surety Brokerage Serving Contractors

faqs | SBS INSURANCE

SBS Frequently Asked Questions (FAQs).
q: How much does a bond cost at Shamrock Bonding Services?
q: Does my credit score effect the cost or my ability to qualify for a bond?
q: Is it safe to enter my personal information secure when it is entered with online forms over the internet?
q: Why don’t you accept credit cards payment with your online forms?
q: What states does Shamrock Bonding operate in?
q: Do I have to use the online forms or can I call?
q: Do you have the actual bond form I need to provide to obligee?
q: Do I need CPA prepared financial statements to qualify for a bond?
q: What is an indemnity agreement?
q: Where do I start the process of acquiring a bond?

q: How much does a bond cost at Shamrock Bonding Services?

Shamrock Bonding provides a full range of surety bonds so the answer is across the board. License bonds typically are priced with a minimum premium of $300 but the pricing is competitive, so some bonds are less. Most construction performance bonds fall between 1-3% and are scaled rates with lower realized rates as the contract price increases. For an idea please call for your particular bond and we can assist you.

q: Does my credit score effect the cost or my ability to qualify for a bond?

The short answer is generally yes and yes. Some bonds are written without running a credit report but most are. Applicants with less than stellar credit can often qualify for a bond at higher rates. We can discuss a strategy for evaluating all of your options.

q: Is it safe to enter my personal information secure when it is entered with online forms over the internet?

It is very safe. We use a third party vendor who specializes in embedded forms for online data collection. All data is collected using a Secure Socket Layer (SSL) and stored on servers by Bit Pusher in San Francisco.

q: Why don’t you accept credit cards payment with your online forms?

Many of the license bonds we provide, we do so on a direct bill arrangement where you receive an invoice after receiving your bond. In some cases, where payment is required in advance we will take credit cards information over the phone. We are working on partnering with a secure provider of online credit transaction for added convenience.

q: What states does Shamrock Bonding operate in?

Currently we operate in our home state of California, from Santa Rosa to the Coachella Valley. We plan to acquire licenses in other states as required by our clients.

q: Do I have to use the online forms or can I call?

Please feel free to call our toll free phone number (866) 471-6770. Our forms are designed to reduce the time and effort to transfer required information. We also offer a live chat facility that can be helpful when working with the online surety forms.

q: Do you have the actual bond form I need to provide to obligee?

We have a substantial forms library available and we will likely have the statutory bonds needed for a given situation. We can discuss the bond form and can make calls on your behalf to make sure the obligee receives the bond form they are looking for.

q: Do I need CPA prepared financial statements to qualify for a bond?

It depends on the size and type of bond. For ongoing and sizable contract programs, a compilation or reviewed statement will be required. For many other commonly issued bonds, a CPA statement is not a required. Most off-site improvement bonds can be written without CPA statements, with the proper set aside letter.

q: What is an indemnity agreement?

With a few exceptions, an application or general indemnity agreement will be required before a bond can be provided. In either case, you as principal will hold the surety harmless for any claims associated with the bond they provide on your behalf.

q: Where do I start the process of acquiring a bond?

Start by selecting an online application for the bond you need for your surety solution. If you are not sure what kind of bond you need, please call us and we will assist. We look forward to assisting you by providing the highest level service.