What is a Guardian of Incompetent Surety Bond?
Guardian of Incompetent Surety Bonds are required for individuals who have been appointed as the legal guardian of a person who has been deemed incapacitated, and therefore incapable of managing their own financial affairs. These surety bonds serve as protection for the incompetent against the potentially unethical practices of their guardians, and ensure the honest accounting of their finances in accordance with all applicable laws, regulations and court orders.
Which states require Guardian of Incompetent Surety Bonds?
Pacific Surety proudly offers Guardian of Incompetent Surety Bonds in the following states:
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- Washington, D.C.
- West Virginia
What is the bond amount for Guardian of Incompetent Surety Bonds?
Bond amounts for Guardian of Incompetent Surety Bonds vary and are based on the assets and value of the estate of the incompetent party. Therefore, bond amounts and requirements will fluctuate from state to state. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much does a Guardian of Incompetent Surety Bond cost?
Pricing for Guardian of Incompetent Surety Bonds will vary, and your premium will be based on the following factors:
- State the bond is required in
- Assets and Value in the Estate of the incompetent party
- Amount of the bond
- Term length of the bond
- Personal credit for anyone with at least a 10% ownership stake in the business
Individuals with good credit can expect to pay between 1%-5% of the bond amount. Qualified applicants could pay as little as $100 annually for a $10,000 Guardian of Incompetent 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 a Guardian of Incompetent Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Guardian Incompetent 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 do I purchase a Guardian of Incompetent 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.
Who does a Guardian of Incompetent Surety Bond protect?
Guardian of Incompetent Surety Bonds are required for individuals who have been appointed as the legal guardian of a person who has been deemed incapacitated, and therefore incapable of managing their own financial affairs. Should the appointed representative mismanage the estate, a claim can be filed on the bond. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. You are 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.