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Ohio Probate & Court Bonds

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Your premier source for Ohio Probate Court Bond Information.

QUESTIONS?   Ring Phil in Cleveland at 1-888-728-2746, or email top of page.

FAQ: Questions & Answers

 

HOW CAN I PAY FOR MY BOND:

Probate, adult guardianship, and other bonds issued and prepaid on an annual basis.  Minor guardianship bonds issued and prepaid for number of years until child is 18.  Prepayment  required unless you have other lines of insurance with our agency. 

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HOW MUCH DO BONDS COST

Depending on many variables, including different carriers, type of bond, credit, assets, experience, and other criteria, standard market bonds are often between $1 and $15 per thousand face value, but there is usually a minimum fee of around $125.  High risk bonds can be 15% or more and require full collateral or a letter of credit from your bank.

 

WHAT STEPS ARE INVOLVED IN ISSUING BOND:

Once we receive all completed forms and requested information, we submit to an insurance company or broker.  An underwriter usually reviews materials and either approves bond, approves bond with conditions, denies bond, or requests additional information.  Once we bond approval, we issue bond same day from our offices.

 

HOW LONG UNTIL I RECEIVE MY BOND?

Once we receive all completed forms and requested information from you, we review and forward to underwriter.  Decision usually returned within a day.  If you fail to disclose accurate information, or provide additional documents requested, it will delay your application significantly.  Once we receive payment, original bond is usually sent for delivery within 24 hours.

QUESTIONS?   Ring Phil in Cleveland at 1-888-728-2746, or email top of page.

WHAT IS A BOND?

A court bond is essentially an insurance company extending credit, often unsecured, to applicant in face amount of bond.    Insurance company is guaranteeing applicant is qualified, trustworthy, and creditworthy.  Any losses paid by insurance company are collected from the applicant in full.

 

HOW IS INSURANCE AND A BOND DIFFERENT?

Insurance policies are issued expecting some losses, or claims.  Bonds are not planning losses, they're only guaranteeing the applicant is able to pay them.

CAN YOU HELP WITH "HISH RISK" BONDS?

YES & NO.  For people with bankruptcy, marginal or bad credit, criminal background, or other situations determined to be "high risks" by the insurance companies, bonds are available.  However, plan on spending 15% or more for premium, plus be required to put up full cash collateral or provide a letter of credit from your bank.

ARE THERE ALTERNATIVES TO "HIGH RISK" BONDS?

YES!  Easiest way is to find an alternative applicant.  Some (but not all) attorneys may have capability to administer estate or guardianship, and apply for the bond, themselves.

 

 

 

 

 

 

QUESTIONS?   Ring Phil in Cleveland at 1-888-728-2746, or email top of page.

Phil Pavarini, Jr. is a licensed Ohio insurance agent.  All bonds issued as an independent agent of Nagashima Pavarini Ltd dba InsureCLE.com.

Copyright 2008-2013 Phil Pavarini, Jr., all rights reserved.  PO Box 93447, Cleveland, OH 44101-5447.  Email for terms of service and disclaimers. 

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