• August 15, 2016

How Attorneys Can Obtain Fiduciary Bonds to Protect Their Clients

How Attorneys Can Obtain Fiduciary Bonds to Protect Their Clients

How Attorneys Can Obtain Fiduciary Bonds to Protect Their Clients 1024 682 Patrick J. Thomas Agency

When a court orders a surety bond, it’s up to the attorney to help their clients through the process of procuring one. Whether you are an attorney representing a principal or the principal yourself, you need to facilitate this process quickly in order to proceed with the required contract.

While the process may seem simple – finding a surety provider and filing an application – it is decisively more involved than it appears. Because many sureties generally don’t work directly with applicants, attorneys and their clients may hit a roadblock before they even begin the surety bond process.

If you do find a surety to work directly with you and your client, you may be subject to higher rates, slower processing time and underwriting issues that can arise during the approval period.

The Benefits of Using Surety Bond Agents

Working with a bond agency is the quickest, most simple way to secure a bond that is specifically tailored to your unique set of circumstances. For lawyers, it facilitates the process and allows them to focus on creating an estate, contract, etc., rather than worrying about the bond that insures it.

Most importantly, surety bond agents can guarantee that no issues will be left unresolved during the entire process. There are many ways to sink a bond, and qualified agents that have been working in the industry for years know how to avoid the pitfalls.

Choosing the Right Agent

It pays to work with a smaller agency. Where larger agencies fail their clients lies within the impersonal nature of the relationship. Because they process so many bonds a year, they do not take the time to tailor each bond to the particular specifics of the client’s case.

Others may not help with the claim process. You may not need to rely on a bond, but if you do have a claim made against you, you want the bond agency to help you get in touch the with surety so that you can have it resolved quickly.

Look for Experience

Newer bond agencies do not have the same connections with surety producers as those with experience in the industry. At the Patrick J. Thomas Agency, our team has over 50 years of experience in the industry, and our company has been in business even longer. We can help you or your clients secure any bond that you need.

Contact our team today to get started.


Disclaimer: this is for informational purposes only and is not intended to be legal advice. If you need legal counsel, please contact an attorney directly.