American Insure-All® has your bond insurance in Lynnwood for the new year. In a year when a new president is being sworn into office, there is always speculation and concern about when changes might happen in the financial world. On top of that, change is coming to the way that bonds are handled in several states.
In the past, issuing bonds has involved using physical documents that are passed from hand to hand. In 2017, around a dozen states have developed a system for electronic surety bonds. The change will be effective January 23, 2017. It is likely that the systems will have strong security, but anyone who deals with digital documents is aware that digital data is subject to risks that are different from paper documents. With that said, one reason for the shift is to create better options for communication about bonds that have been issued. The new rules will affect business transactions in the states that have adopted the new system, and there is the potential for them to influence business transactions that are carried on between those states and states which are still adhering to the old systems. It is only one of many changes that might happen in 2017. With that said, there is still – and likely always will be – a need for bond insurance. Bond insurance takes up the slack when the performance of a bond does not occur as anticipated.
American Insure-All® has your bond insurance in Lynnwood, just give us a call at 888-411-AUTO. Our agents are well informed about both current practices and change that can affect business bonds. Our bond insurance is there to help you continue your business practices and to help you to keep your promises to your customers and investors.