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Recent Work Comp Activity
PLASTICS MANUFACTURING
$20,011
WINDOW & DOOR INSTALLATION
$34,340
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- A X Rated Carrier
- Available in California, Oregon, and Washington.
More states coming soon.
- User Friendly System
- Easy To Quote
- Easy To Bind
- Competitive Rates
- Great Commissions
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We are pleased to announce our new Victory Bonds Program underwritten by an A X rated carrier, Navigators Insurance Company! This new bonds program has a surety division that is dedicated to providing unsurpassed levels of client service and easy applications.
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Commercial Surety Instant Issue Bonds
- General & Specialty Trade Contractor License Bond
- Electrical & Telecommunications Contractor License Bond
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Underwriting Guidelines
Miscellaneous Commercial Surety Bonds
License & Permit Bonds
Compliance Only: The principal must possess acceptable credit and must otherwise qualify for the license sought. At minimum this will be determined by a personal credit report. Should minimum credit not be met, a co-signer with preferred credit could be required.
For Contractor License Bonds: If underwriting indicates unsatisfactory public records, Sub-Standard rate shall apply.
Factors or issues that may lead to a non-standard rating, additional security or declination are, but not limited to:
- Business and/or personal credit report may be below average
- Principal may be in litigation
- Accounts receivables may be pledged or in dispute
- Real estate is pledged to secure a bank line of credit
- Principal has loan guaranteed by the SBA
- The contractor performs work involving hazardous material
- The contractor has unpaid tax obligations
- The contractor has a bankruptcy in the past four (4) years
- Another bonding company declined or previously cancelled a bond
- There is a claim against a bond
- The contractor has a judgement awarded against them
- The contractor has collection accounts
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Definition & Obligation
Bond guarantees to repay, reimburse and hold harmless any person damaged as a result of the violation of the code. Also covers any person damaged as a result of fraud in the performance of any written construction contract.
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Issuance
To issue a bond follow the steps below.
- Quote the bond through the online system.
- Once approved, go into the submission using the issue bond button.
- Verify all information is correct on the submission.
- Go to the final review tab of the submission and click the issue bond button.
- Fill the issue tab out with the correct term, select payments or pay in full, and choose your effective date for the bond.
- Click the issue bond button, once you do, the bond is issued.
- Click Print bond package. This is considered the original bond.
- Click Print Invoice
- Give the bond to the contractor to take into, or mail to the LNI.
- Fax (916.772.9292) or email (bondbinds@btisinc.com) the signed application within 10 days of binding.
Application
The application is available prior to issuing the bond. Go back into the approved submission and go to the final review tab. At the bottom of the final review, there is a print application button. You can print the application, have it signed and then go back in to issue when ready.
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Notarization
Notarization is only required for the following bonds:
- Contractors License Bond if a co-signor has been added
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Monthly Payment Plan
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The Monthly Payment Plan is available for bonds with premiums of $500.00 or more. All other bonds must be paid in full. The minimum down payment is 20% of the premium. If additional premium is collected please indicate the actual amount collected on the Monthly Payment Plan Agreement prior to sending it to Best Choice Premium Finance Company. Copies of the finance agreement will be available once the account is established with the finance company. If the applicant decides they no longer wish to finance the bond, they have 10 days to disaffirm financing at no additional cost. To do so the applicant must submit a written request to Best Choice Premium Financing (Fax 818.610.2066). Please note once financing is cancelled the total premium would need to be paid in full to BTIS.
Please note: If the bond is backdated, the first payment is due 30 days from the Effective Date. The finance company will send out a notice of cancellation if the first installment is unpaid 30 days from the EFFECTIVE DATE of the bond. In some cases, the first installment will need to be remitted at issuance.
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Endorsements
To endorse a bond follow the steps below.
- Bring up the original bond submission on the BTIS website
- Click Endorse My Bond
- Make the needed changes
- Submit the endorsement to underwriting
Once you have completed these steps an underwriter will review your endorsement request.
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Claims
Please report all claims immediately to:
Navigators Insurance Company
433 California Street, Suite 400
San Francisco, CA 94104
866.408.1922.
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Frequently Asked Questions
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How do I find out more?
Use our live support for an immediate response or call your CSR or Underwriter at 916.772.9200.
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What should I do if I am having system problems?
Use our live support for an immediate response or call your CSR or Underwriter 916.772.9200
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How do I quote?
The online price indication process is by far the quickest way to get a price AND you can quickly bind it if you wish. If you do not see a premium while quoting, you must submit to underwriting for review.
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How long is my bond quote valid?
The bond quote is valid for 60 days.
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Can I set up financing with my own finance company?
No, The only payment options at this time are:
- Pay In Full
- Monthly Payment Plan (through Best Choice Premium Finance)
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How do I get paid commission on a financed bond?
The minimum down payment is 20% of premium. You should retain your commission from the down payment. If additional commission is due, then the remainder will become available on your monthly statement after BTIS receives funding from the finance company. If you collect more than 20%, please indicate the actual amount on the Monthly Pay Plan Agreement. Any amount collected over your commission amount must be remitted to BTIS.
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How does the Monthly Payment Plan work after I submit the signed Pay Plan Agreement to BTIS?
BTIS will forward the signed agreement to Best Choice Premium Finance. The finance company will then send out a coupon book, cover letter (Sample), and a copy of the finance agreement to the insured (Sample).
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What is the down payment amount for the payment plan?
The minimum down payment is 20% of premium. If you collect more than that, please indicate the actual amount collected on the Monthly Payment Plan Agreement so the financing is established correctly.
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What if the applicant decides not to finance the bond after financing is arranged?
The applicant has 10 days to disaffirm the finance agreement at no aditional cost. To do so, the applicant must submit a request in writing to Best Choice Premium Finance within 10 days. Please note that the bond would then need to be paid in full.
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My financed bond has a backdated effective date, when is my first payment to the finance company due?
The first payment to the finance company is due 30 days from the effective date of the bond. Please note the finance company will send out a Notice of Cancellation if the first installment is unpaid 30 days from the EFFECTIVE DATE of the bond. In some cases, the first installment payment will need to be remitted at issuance.
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The applicant wants the installments automatically withdrawn. What do we have to do?
Simply complete the ACH form and submit it with the signed Monthly Payment Plan Agreement to BTIS. (ACH Form)
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What do I do now that my Bond has been issued?
You will need to Fax to 916.772.9200 or Email to bondbinds@btisinc.com the signed application within 21 days from the date the bond was issued.
The Insured will need to mail or walk in the original bond form and Power of Attorney to the Construction Contractors Board.
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