What do they mean by bondable

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While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions such as approval for coverage, premiums, commissions and fees and policy obligations are the sole responsibility of the underwriting insurer.

The information on this site does not modify any insurance policy terms in any way. Being bonded means that a bonding company has secured money that is available to the consumer in the event they file a claim against the company.

The secured money is in the control of the state, a bond, and not under the control of the company. Well, you would file a claim against the company and, after an investigation, would be paid out by this bond. This is slightly different but similar to what it means for an employee to be bonded.

In general, this is generally done when an employee has to handle large amounts of money or handle valuable property like jewelry or art. If you do, then the bonding company pays out the amount of the theft. By being bonded, it shows that the employee is trustworthy enough for a bonding company to insure you up to a certain amount. Now, a company that is bonded means that a bonding company has funds. Being bonded means that a bonding company has secured money that is available to the consumer in the event they file a claim against the company.

The secured money is in the control of the state, a bond, and not under the control of the company. To be bondable means that your future employer is ensured and protected against any loss that comes as a direct result of fraudulent, dishonest, or criminal activities of an employee.

Being bonded provides a layer of trust between your business and your customers because you are giving them assurances to the quality of your work while providing a way for them to be made financially whole if something goes wrong.

Banks often purchase blanket bond insurance. Drug convictions, acts of violence and theft are all examples of criminal activity that can hurt your chances of getting bonded. Each insurer has its own requirements related to that, but in general, you should have a clean criminal record. In this page you can discover 44 synonyms, antonyms, idiomatic expressions, and related words for bonded, like: shackled, articled, debentured, insured, certified, warranted, free, liberated, independent, guaranteed and protected.

Cost to Get bonded and insured Others, like a fidelity bond, are typically paid as a percentage of the coverage sum you want, usually around 0. This also applies for contract bonds.

At its simplest, a surety bond requires the surety to pay a set amount of money to the obligee if a principal fails to perform a contractual obligation. It also helps principals, typically small contractors, compete for contracts by reassuring customers that they will receive the product or service promised. Bonding an Employee A Bonded Employee is an employee that has a bond placed on them pursuant to their employment. This type of bond is generally called a fiduciary bond.

Instead, if the employee is bonded, then the county can go to the surety company and have the surety company pay. Note that a Record Suspension will not help you cross the US border. For that, you will need a US Entry Waiver. Check my eligibility for a pardon Get a criminal record check. More than ever, a criminal record is having adverse affects on the lives of almost 1 in 8 Canadians, and 1 in 3 Americans who carry a record to their name, and the public health crisis, COVID19, is making it more difficult for people to move on from their past.

Employment, housing, and volunteer opportunities are now harder to come by and public health orders have slowed down services within fingerprinting and police agencies, courthouses, and the Parole Board of Canada.

To learn more about how to clear your record during this time, visit our resource page here. Contact us today for a free consultation. This answer was very clear. It did answered my question. Actually anyone, including those with a criminal record are bondable. While an insurance company may deny it, some also just raise the rate for it. Immigrants who come to Canada already pass Police verification process to make sure that they do not have criminal records.

It is not easy for bad apples to reach Canada. Even the John Howard Society will tell you that even with a criminal record you can be bonded. A lot of factors go into the decision of the bonding company on whether to bond a person with the biggest factor being the nature of the job. I know this because I have a criminal record and have been bonded. Hi William, Yes, you are right. Technically anyone can be bonded.

The problem occurs when the insurance company declines to insure or charges a rate that is too high for the employer to pay. If you marked yes on the application the employer might feel like you were dishonest. Often it depends on the position.