BF Bond

BF Bond has streamlined the surety bonds application process and is now offering this remarkable service online to clients in all 50 states

New York, NY (IPRWIRE) Tue, Jan. 30th, 2007 — Bernard Fleischer and Sons / Advanced Insurance Services (www.bfbond.com) is pleased to announce their new streamlined surety bonds application, which is now available online.

By developing and refining the surety bonds application process, they have been able to remove the usual complications and added work that most applications require, therefore making it much easier and faster to secure the needed instruments, often at a lower cost to the customer.

William G. Fleischer, president of the company, recently stated: “The bonding industry did not take a personal approach to its customers, often overlooking the problems that these people were experiencing in obtaining surety bonds. We have had meetings with Consumer Affairs, courts, attorneys, and underwriters from several top bonding companies to break this miscommunication and lack of understanding between the company and the customer, which has resulted in our ability to provide personal attention to both parties. Because of our streamlined process, we can often complete the process in one day.”

Read More…

A third party administrator situation may arise when there is no executor appointed in a will for a deceased person, or if the executor has died, become physically or mentally incompetent, refused to carry out the duties of executor, or is in any other way unable to carry out the responsibilities of administrator of the estate in question. Other people can then make application to the courts to become the administrator of the estate and responsible for the assets and liabilities of the estate. This is usually one or more of the people who are named as beneficiaries of the estate, but may include other interested or affected parties.

The process for setting up an administrator usually takes the following steps: checking the death certificate to determine jurisdiction, this is normally the county in which the deceased resided, checking the will to make sure  it is the original and final copy, determining if there is executor named in the will, and if they are living and willing to assume the duties of executor is in the will, determining the third party administrator by the residuary clause, listing all next-of-kin with names, addresses, and ages, listing all the assets that are in the deceased name alone, and determine the value of these assets for the purpose of securing a surety bond.

Appointing an administrator cannot normally occur until a ten day grace period has elapsed in order to allow all persons to file their proof of kinship to the deceased. After this period, the courts can issue a notice of appointment of an Administrator that is filed along with the original will, a copy of the death certificate, and avadavats or certificates that show the reason that an originally named executor is unable or unwilling to fulfill their responsibilities to the estate.

In order to be recognized as an executor by the courts, an administrator must complete and sign a surety bond as principal which must be duly witnessed in accordance with the procedures of the courts. The administrator can then begin to pay all outstanding funeral expenses, as well as any documented and outstanding creditors and taxes. They also can begin to distribute the proceeds of the estate as stipulated by the will.  Once these duties have been completed, they can apply to the courts to have the surety bond released.

A third party administrator plays an important role that can help to carry out the dispersal and disposition of the estate of a deceased person. They may be an attorney or they may be assisted by an attorney. They are responsible to the courts to ensure that these matters are handled with efficiency and in an effective manner. They in fact become temporary officers of the court and are responsible for reporting back to the court at regular intervals and if any irregularities arise in the performance of their duties. Their work is guaranteed by a special form of surety bond that offers both the courts and the families of the deceased the comfort that these matters will be properly carried out.

To learn more about what it means to be an independent third party administrator, contact www.bfbond.com today.

Fidelity bonds are like a kind of insurance policy for employers and companies that serve to protect the ownership and management of a business in the event that any of their employees steals monies, misappropriates funds, or acts in a dishonest fashion that ends up causing the business to suffer a financial loss. These types of bonds cover acts of theft, forgery, and embezzlement of funds that are the responsibility of the employee or placed within their care. These types of security are not liability bonds and do not apply to a series of other work related costs and damages including: employee mistakes or errors, poor or shoddy performance or workmanship, accidents at the workplace, and on the job injuries.

One common type of fidelity bonds is an ERISA bond. This is a form of bond whose name comes from the Employee Retirement Income Security Act (ERISA). The ERISA legislation was passed in 1974 to provide protection for employee benefit and pension plans. One requirement of the ERISA legislation is that businesses that currently operate a registered employee benefit or pension plan must obtain a bond or surety in the amount of ten percent of the worth of the employee benefit plan. In accordance with the overall purpose of the ERISA legislation, this provision is to protect employees and their benefit plans against inappropriate or illegal actions that may be taken by employers in the management and operations of these benefit plans.

Another popular form of fidelity bonds are criminal insurance bonds. Their main purpose is to protect business owners against deliberate criminal acts on the part of their own employees. These types of bonds do not replace the need to closely screen new hires for criminal backgrounds, but they do provide some measures to allow the business to recoup any such financial losses which may occur later.

Fidelity bonds may not be able to guarantee that employees won’t bite the hand that feeds them by stealing from their employers, but they are a useful tool for management of a company to use as part of any employee anti-theft program. This anti-theft program should also focus on two other main areas. One is to ensure that the people who walk in your front door as employees are not likely to walk out the back with your products, goods, services, money, or corporate information.

The second is a firm and unwavering policy to severely punish employee theft, regardless of whether that theft occurs in the warehouse or the executive boardroom. This policy should be well known and well publicized to employees as part of an introduction or orientation to their new workplace. They need to know that theft of any of the employer’s belongings or property will bring swift discipline that might include dismissal for a first offense. These programs, along with sureties and insurance, can help to protect not only the employer’s property, but the integrity and honesty of all employees.

Contact www.bfbond.com to learn more about how to insure your business properly.

The main type of bonds on the market today are known as surety bonds. These bonds are required by anyone who administers public or private funds, or for individuals or businesses that require licenses or permits in order to operate in their trade, profession, or business. This includes a long list of licensed trades people, agents, and others who are in a regulated profession or business.

These bonds can be viewed as like a third party contract. An insurance company or bonding company acts as the guarantor or surety for one individual or business. This individual or company then performs a service and is known as the obligee. They assume the responsibilities of liabilities of a third party that is known as the principal.

To give an example of how this works, say a taxi cab company wants to open a business in Sun City. They go to the county office and fill out the necessary paperwork. They are also told that they must provide a form of surety to protect the county from any liabilities or damages that the taxi cab operator might incur. The taxi cab company goes to a bonding company, who provides the necessary bonds. In this example, the bonding company is the surety, the taxi cab company is the obligee, and the county is the principal.

Surety bonds play an important and ever increasing role in today’s business environment. They allow the risks and liabilities to be managed and controlled in a way that doesn’t prevent individuals from entering into any number of worthwhile professions and businesses. They protect municipalities and their officials from the liabilities and actions of individuals and business owners, and they protect the consumer by ensuring that only licensed businesses operate in areas where there is great potential for human and financial catastrophe.

There are many other different types of surety bonds, and some of the major ones are used by the court system to process criminal cases and allow appeals. If there are no bail bonding processes, then the courts quickly clog up and there is no space to hold all of the defendants who await trial under court or appeal bonds.

In construction, these bonds are often used to ensure compliance with local or municipal by-laws or regulations, or to cover the city in the case of damages and liabilities that might arise in the construction or demolition period. They are also used for specific events or activities related to construction such as drilling, blasting, or even the closure of streets and sidewalks.

Any activity that requires a permit by city or county officials will almost always come with the condition to post surety bonds and liability insurance. In the case of any special or public event, this is to indemnify the city from any damages or liability that may occur in the course of these events. Until they receive this assurance, they are unlikely to allow the event permit to be issued.

Contact www.bfbond.com to learn more about the many bond services that can help you and your business succeed.