Bonds


Bonds Information

We are pleased to introduce an online bond issuance system, SureLYNX, from West Bend Mutual Insurance Company.  It's quick and easy-to-do by following the links below!  

What is bond insurance?

An issuer of a bond can purchase bond insurance to guarantee scheduled payments of interest and principal on the bond to its bondholders in case the issuer defaults. Once the issuer purchases bond insurance, its credit rating is replaced with the insurer’s credit rating. Premiums are a measure of the perceived risk of failure of the issuer and are paid to the insurer in either lump sums or installments.

What are the benefits of being bonded?

Being bonded gives issuers the ability to leverage business growth. With the increased stature of having the insurer’s credit rating, a business can feel safer in taking risks to improve and grow the business. This is especially true in the construction and financial industries.  A bonded business can obtain unbiased criticism from a credit professional and seek advice in underwriting projects.

West Bend Surety Bonds

West Bend's surety division provides a common sense and flexible approach to bond underwriting. Their underwriters are experienced and innovative. While traditional insurance is designed to compensate the insured party against unforeseen losses, a surety bond is an agreement that provides monetary compensation to a third party (obligee) if the insured party (principal) fails to perform specific acts within a stated period.

West Bend’s surety operation provides a reliable, fast, solutions-oriented, and financially-sound partner for our bond customers. Since 1971, West Bend has maintained an A (Excellent) or better rating by A.M. Best, an organization recognized worldwide as the benchmark for assessing insurers’ financial strength.

West Bend's surety division works in partnership with us to service your bond needs; working together is the best way to evaluate the bond needs for any business.   

Here's more information about the types of bonds available from West Bend.  By clicking on the applicable link below, e-Surety offers an immediate online response for a variety of bonds, including commercial and Rapid Bond, our small contractor bond program. Traditional contract bonds may also be obtained with this program.

Notary Bonds 

Notary bonds protect the consumer or individual receiving the bond from any errors or omissions made by a notary public. This bond also ensures against any unethical behavior or dishonesty on the part of a notary public during the course of business.

MN - Errors & Omissions Policy Only for Notary - Individual   
WI - Notary Bond Only
WI - Notary Bond w/E&O (Errors & Omissions)
WI - Errors & Omissions Policy Only for Notary - Individual

ERISA, Pension & Welfare Bonds 

In 1974, the U.S. Employee Retirement Income Security Act (ERISA) was enacted to regulate most types of employee benefit plans. The ERISA bond is required to protect the participants and beneficiaries from dishonest acts of the person(s) who handles the plan assets.

MN - ERISA Bond (Employee Retirement Income Security Act)
WI - ERISA Bond (Employee Retirement Income Security Act)

Business Service Bonds 

Business service bonds protect a business from any loss incurred from dishonest acts by the employees against clients and customers.

MN - Business Service Bond $10,000 & under penalties (No Owner Exclusion)
MN - Business Service Bond $15,000 & higher penalties (Owner Exclusion Applies)
WI - Business Service Bond $10,000 & under penalties (No Owner Exclusion)
WI - Business Service Bond $15,000 & higher penalties (Owner Exclusion Applies)

Concealed Carry Criminal Defense Reimbursement Bond  

As a permit holder of a legally possessed weapon, the bond provides for the reasonable legal fees, expenses, and costs of defense up to the maximum bond limit chosen, after declaration from the prosecuting attorney that no criminal charges will be filed, a dismissal of all filed criminal charges, or acquittal of the “permit holder” following a trial and verdict is upheld on appeal.

MN - Concealed Carry Criminal Defense Reimbursement Bond
WI - Concealed Carry Criminal Defense Reimbursement Bond

An informational video discussing the features of the Concealed Carry bond can be viewed here.

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