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Does anyone know if a business owner has ever been refused the right to purchase a bond because of insufficient financial assets? The bond in question is for $50,000 and the profession is being an arts agent.

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2 answers

Renee,

What type of bond?  There are several.  Typically a bond is like an insurance policy of sorts.  You must be able to qualify and pay for the bond.  The best bet is to find a good commercial insurance agent in your area to discuss the particulars.  I hope this helps.

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The bonding company would have to pay for what ever you are bonding if you would default on delivering what you promise a customer, so the bonding company needs to make sure you are financially stable before they will bond you.  A bond is a temporary Help to you if they have to pay it.  The bonding company will still look to you (your financial wealth), to get the money back, unlike insurance....

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