Contact Surety Bonds
Bond Manager/Contract Bond Agent
James F. “Jim” Oakes
Senior Bond Account Manager
Commercial Surety Producer & Surety Liaison
What is included in your Bond package?
Upon successful completion of your bond request via TIS Express Surety Bond, your bond documents will appear in a separate browser on your desktop. The bond documents consist of four main elements:
- If the bond form does not have a graphical signature of the president, it must be signed by the attorney-in-fact, and a separate Power of Attorney (POA) document is required by the obligee.
- The attorney-in-fact should sign the bond form the same way it is typed in the associated “By” line.
- Before the principal signs the bond, they should check to see if their signature must be notarized.
- The principal should sign the bond the same way it is typed in the associated “By” line.
- If the principal is a corporation, partnership or LLC, any officer of the company may sign the bond.
Power of Attorney Form (if applicable)
- A POA form is usually included, except when the bond form has a graphical signature.
- The POA form should be attached to the bond form before it is sent to the obligee.
Indemnity Agreement and Addendum (if applicable)
- All parties, including spouses, must sign the indemnity agreement and addendum documents as indicated. Refer to the Signature Instructions on page 2.
- The signed agreement and addendum must be returned within 14 days.
Quote & Issue
PO Box 1636
Indianapolis, IN 46206-1636
- Use as documentation of the premium amount owed by the client.
- File this document for your records, as desired.
Express Surety Glossary
Annual Premium: The premium amount due for each full year.
Applicant: The individual or company responsible for the fulfillment of the obligation set forth in the bond and who must perform some act under certain conditions or, in lien thereof, respond in money damages. Also, known as ‘principal.’
Applicant Type: The capacity in which the applicant is doing business. (For Example: Individual, Sole Proprietorship, Partnership, Corporation, and Limited Liability Corporation (LLC))
Billing Option: The payment frequency in regards to the specific bond. (Pre-paid and Annual)
Bond Attorney-In-Fact: The name of the individual who signs on behalf of the Surety and executes the bond.
Bond Name: A listing of the bonds available through this web site.
Bond Number: The identification number assigned by Liberty Mutual to a specific bond.
Bond State: The state in which the bond is issued. (For Example: IL, IN, OR, WA, etc.)
Bond Type: The general type of bonds available through this web site. (For Example: All, Contractor’s License Bonds, License and Permit Bonds, Notary Bonds and Public Official Bonds)
Direct Bill: Billing the bond principal directly.
Doing Business As: The alternate name of the business. Sometimes referred to as ‘trade style.’
Effective Date: The first day of the bond term.
Equity: The monetary value of a property or business beyond any amount owed.
Estimated Total Term Premium: The total amount the applicant pays over the term of the bond.
Estimated Total Term Premium, if prepaid: The discounted premium if the applicant pays the full amount in advance, if applicable.
Expiration Date: The last day of the bond term.
Fair Market Value: The market value is the objective price that the free market would support of the fair market value that you might reasonably expect to get for your items on the open market.
Obligation Description: A specific term that describes the trade, or description of the type of bond that is required by the Obligee.
Obligee: The beneficiary under the terms of the bond. Either the obligation set forth is fulfilled or the amount of the bond is available so that, in any case, the obligee is adequately protected.
Principal: The individual or company responsible for the fulfillment of the obligation set forth in the bond and who must perform some act under certain conditions or, in lien thereof, respond in money damages. Also, known as ‘applicant.’
Real Property: Ownership in buildings and land.
Renewal Processing Method: The method of renewing a bond. (For Example: Continuous, non-cancelable; continuous, cancelable; definite term, renewed by continuation certificate; definite term, renewed by issuing new bond using same number; definite term, non-renewable; and definite term, non-cancelable contract bond for audit)
Surety: The party joining with the principal for the purpose of guaranteeing to the obligee the fulfillment of the principal’s obligation.
Short-Term Payment: The amount of payment for a period less than the term of the bond.
Signed & Sealed Date: The date in which the bond is signed (executed) by the bond attorney-in-fact.
Term: The duration of the bond obligation. (For Example: 12 months, 18 months, etc.)
Transaction Number: The identification number assigned by Liberty Mutual to a specific transaction.