Who Needs To Have An Adoption Facilitator Bond?
Prior to conducting any business as, or in capacity of, an adoption facilitator, one must be issued an Adoption Facilitator Surety Bond by a corporate surety entity licensed within the state, along with the obtainment of a business license.
Who Do Adoption Facilitator Bonds Protect?
Adoption Facilitator Surety Bonds serve as an assurance of protection for families and individuals against potential acts of fraud, misstatement, misrepresentation, unlawful contractual omissions and failure to fulfill agreed upon services throughout the adoption process.
What Are Adoption Facilitator Surety Bonds?
These surety bonds ensure that the adoption facilitator operates in accordance with all applicable laws and regulations, and that those negatively affected are granted the appropriate compensation, recovering financial losses up to the penal sum of the bond. If the principal (adoption facilitator) causes a loss, a claim can be filed against the bond. If the claim is validated, the surety will pay out to resolve the claim. Once a claim has been resolved, all monies paid out by the surety must be reimbursed by the principal, including any attorney’s fees incurred by the surety in the defense of the claim.
Which States Require Adoption Facilitator Surety Bonds?
Pacific Surety proudly offers Adoption Facilitator 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?
The bond amount for California Adoption Facilitator Surety Bonds is $25,000 and is set by the local rules and statutes regulating the industry. Bond amounts and requirements in other states will fluctuate based on local statutes. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How Much Do Adoption Facilitator Surety Bonds Cost?
Pricing for Adoption Facilitator 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 $250 annually for a $25,000 Adoption Facilitator 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 Adoption Facilitator Surety Bond With Bad Credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Adoption Facilitator 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.
Where Do I Apply For An Adoption Facilitator 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 Bond Claims Handled For This Surety Bond?
Unlike insurance, which protects your business, Adoption Facilitator Surety Bonds protect your clients. If an individual is harmed due to the principal’s fraudulent activities or any violation of the governing laws, the harmed party 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. The principal is 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.