The average surety bond quotes in the past use to take a week, but now the majority of quotes are issued within minutes. So why did it take so long to get an approval? The reason why is technology. Ten years ago the majority of applications where handwritten and faxed. Most surety underwriters didn’t even have email. Can you imagine trying to run your business now without email and every paper you looked at was handwritten? Sometimes it would take a few minutes just trying to figure out what the name on the application was.

The other issue that we faced was faxes. When you’re dealing with hundreds of pages sometimes it can take a while to piece everything together. That was not the only problem you faced, for instance many of the faxed pages you would receive needed to be faxed again because they didn’t come out right.

Faxes also posed a problem when dealing with surety companies. Some surety companies would only accept faxes fewer than 20 pages; if your fax was more than 20 pages they wanted you to send it via mail.

With cutting edge technology applying for surety bonds have never been easier. You can perform most of your transaction over the Internet and fill out applications within minutes. Approvals for bonds now can take minutes too. Surety Bond applications can easily be forwarded to an underwriter without waiting for a free line for your fax machine. The majority of Surety companies now accept faxed or emailed copies of the General Indemnity Agreement, which also speeds up the process. Riders issued for bonds have dramatically decreased do to typed application over the Internet.

The Internet and technology has impacted our lives in so many ways. It has brought about convenience to the Surety Bond market and our daily lives. Finding information,definitions and Surety Bond quotes was hard to come by, but with the Internet it’s right at your fingertips. If you would like to learn more about Surety Bonds check back for future article