A surety bond is a contract that takes place between three or more parties, including the party that provides services, the party who receives the services, and a third party who ensures that the contract will be fulfilled by the first party.
There are many different types of surety bonds, including both contract and commercial surety bonds, that are primarily used in business to guarantee licensing, union bonds and bids on contracts. Surety bond providers need training that provides them with a knowledge of legal contracts, as well as risk management. You can find many surety bonds education and training opportunities through:
1. Insurance companies where businesses can buy surety bonds.
2. Colleges and organizations that have courses in insurance and bonds.
3. Online educational opportunities to learn more about surety bonds.
Get training provided by companies that sell insurance surety bondsMany insurance companies that provide businesses with insurance surety bonds also provide training for risk management and other topics relative to surety bonds to those who sell surety bond agreements.
Explore online surety bonds education offered by schools and organizationsTo learn about surety bonds, look for training provided by online colleges and professional organizations. These organizations train insurers in risk management, surety bonding and other financial topics relevant to surety bonds. In the case of professional organizations, they often set the standard for industry by developing certification standards.
Take online resources to learn more about corporate surety bondsEducational opportunities run through government agencies and professional organizations can often be found online. These resources explain what it takes to create a surety bond. Professional organizations also provide continuing educational opportunities for those already in the insurance industry.
Apply for licensing to be a surety bond providerSurety bond providers must be licensed within the state where the company is located to legally sell surety bonds. The state insurance commissioner regulates and issues licenses to a surety insurance broker.
Washington State Office of the Insurance Commissioner or the State of Wisconsin Office of the Commissioner of Insurance, for more information. Commissioner offices provide licensing applications, maintenance and continuing education materials.
- Those who sell surety bonds should also know how to create a surety bond quote that is a fair market value for a majority of customers.