What is an Emergency Management Agency Surety Bond?
These surety bonds ensure that these shelters are constructed in accordance with all applicable laws and regulations, including those set by the Federal Emergency Management Agency (FEMA). They protect the consumer against any damages or losses which may potentially arise due to the improper construction or installation of these structures. If the principal (Emergency Management Agency) does not comply with the terms of the bond, a claim can be filed 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.
Who is required to have an Emergency Management Agency Bond?
These bonds, commonly known as Storm Shelter Manufacturers Surety Bonds, are required for the producers of prefabricated storm shelters for both commercial and residential use.
Which states require Emergency Management Agency Surety Bonds?
Pacific Surety proudly offers Emergency Management Agency Surety Bonds in the following states:
Please contact us with specific questions regarding your bonding needs, and our knowledgeable underwriters will assist you.
What is the bond amount for Emergency Management Agency Surety Bonds?
Amounts for Emergency Management Agency Surety Bonds vary and are set by the local rules and statutes regulating the industry. Therefore, bond amounts and requirements vary from bond to bond. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much do these bonds cost?
Pricing for Emergency Management Agency Surety Bonds varies, and your premium will be based on the following factors:
- 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 $200 annually for a $20,000 Emergency Management Agency 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 Emergency Management Agency Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Storm Shelter Manufacturers 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 are Emergency Management Agency Surety Bonds purchased?
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.