New Jersey State Surety Bonds

Affordable New Jersey State Surety Bonds for all of Edison, Elizabeth, Paterson, and Jersey City NJ 

Our agency focuses on the ever changing laws that the mortgage industry is required to have in each state. Each state has their own governing laws for the mortgage industry; including but not limited to bonds forms, penal sums and financial requirements.

New Jersey State Surety Bonds are required by most states for Mortgage Bankers, Loan Correspondents, Mortgage Brokers and Individual Loan Originators. The requirement of the surety bond is for consumer protection and guarantees the statute, state law, or regulation. The surety bond is a contract between 3 parties:

1. The Principal – party undertaking the obligation
2. The Obligee – to whom the principal is obligated (the state to which you are bonded)
3. The Insurance Carrier – the entity issuing the bond

By definition a surety bond is: A bond guaranteeing performance of a contract or obligation; in other words it is a contract of indemnification. The bond protects the consumer and can be used by the state for certain tax and fee obligations of the principal. Since a surety bond is a contract, the principal would be obligated to indemnify the insurance carrier for any payments made under the bond. Therefore the insurance carrier will review the principal’s financials and personal financials to determine financial stability.

Choosing to use Lee Grossman Insurance Agency as your bonding agent will allow you to focus on your NJ business knowing that we have the knowledge and skill to handle your needs in each state. Simply fill out our quick and easy online form today to learn more about the benefits of bonding through us.

Lee Grossman Insurance, a New Jersey insurance agency has been proudly providing Medford New Jersey State Surety Bonds quotes and policies to our clients throughout the greater Edison, Elizabeth, Paterson, and Jersey City NJ area.