FINANCIAL SERVICES SURETY
The financial services sector has unique surety bond needs. Competition and additional capacity have created a commercial surety marketplace that is hungry for strong, stable accounts such as those provided by banks & depositories, broker dealers, finance companies, and investment firms. Significant savings can be found by replacing letters of credit and/or testing the marketplace on existing programs.
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Types of Financial Services Bonds
Financial Services-Specific Bonds
- Excess FDIC Depository Bonds (see detail below)
- Trustee in Bankruptcy Bonds
- Indemnity to Transfer Agent (STAMP)
- Lost Instrument Bonds
- Mortgage Banker/Broker Bonds
- Insurance Agent/Broker Bonds
- Investment Advisor Bonds
- Broker Dealer Bonds
Other Common Bonds
- Notary/Notary E&O
- Replevin Bonds
- Attachment Bonds
- Appeal / Supersedeas Bonds
- Service Contract Performance Bonds
- Self-Insured Work Comp/PFML
- Insurance Deductible
Surety for Excess FDIC Deposit Protection
Depositories are often required to provide collateral as security for deposits. The amount of collateral is determined by the entity’s deposit level and the policy or legally required collateral margin. The types of collateral vary by state and can include low-yield government-issued bonds and notes, fully-secured FHLB letters of credit, and surety bonds.
- Public Educational Institutions
- Government Entities
- Bankruptcy Trustees
Depository bonds can also be an effective sales tool to attract high-value clients. Some organizations are required to act as fiduciaries and exercise “prudent fiscal management” in maintaining the integrity of the reserve account. A bond is an effective, low-cost alternative for organizations with large operations accounts.
- Non-Profit Groups
- Homeowners Associations
- B2B Payment Networks
EPIC Financial Services Surety Team
The EPIC surety team is well-versed in placing bonds for the financial services sector. We have the ability to provide full-coverage placement and competitive pricing due to our relationships in the marketplace, and we have secured capacity for clients in excess of $4 billion. Please contact us for additional information.