Victory® Contractor Bonds

Contractors License Bonds

The Applicant must possess acceptable credit and must otherwise qualify for the license sought. At minimum, this will be determined by a personal credit report. Should minimum credit not be met, a Cosigner with acceptable credit could be required. If Underwriting indicates unsatisfactory public records, Non-Standard rate shall apply.

Referral Reasons

• Below average business and/or personal credit
• A discharged bankruptcy within the past 12 months
• A claim against a bond
• Another bonding company declined or previously cancelled a bond
• Derogatory contractors license item(s) within the past four (4) years

Definition and Obligation

Bond guarantees to repay, reimburse and hold harmless any person damaged as a result of the violation of the code. Also covers any person damaged as a result of fraud in the performance of any written construction contract.

Bond Issuance

To issue a bond follow the steps below:

1. Once all tabs are completed, navigate to the bottom of the Final Review screen
2. Click the "Issue the Bond" button
3. Verify the information
4. Select payment method
5. Review the Effective Date
6. Click the "Purchase the Bond" button
7. Confirm by clicking the "Purchase the Bond" button once more
8. Click the "Print Bond Package" button
9. Click the "Print Invoice" button
10. Email the signed application to: bondbinds@btisinc.com within 10 days of issuance

Referral Bonds

If the bond was referred and approved, you will receive an "OK to Bind" email containing a link that will allow you back into the bond submission. You can also use the "Review My Bond" button on the submissions page once the status is "OK to Bind". Then follow the steps above in the BOND ISSUANCE section.

Riders

We allow certain riders to be processed and instantly issued online.

To process a change rider follow the steps below:

1. Search for the issued bond submission on the submissions page.
2. Click the "Endorse Bond" button.
3. Select the type of rider.
4. Make the needed changes.
5. Click the "Issue Rider" or "Submit to Underwriting" button.
6. If you issued the rider you can use the "Print Rider" button to access the documents. If you submitted the rider request a staff member will review the requested change. If approved, the staff member will email you a copy of the documents.

Notarization

Notarization is only required if a Cosigner has been added.

California Forms

The bond application is available prior to issuing the bond. From within the bond submission, once all tabs are completed, navigate to the bottom of the Final Review screen and click the "View Documents" button.

Monthly Payment Plan

The Monthly Payment Plan is available for bonds with premiums of $400.00 or more. The minimum down payment is 20% of the premium. Copies of the actual finance agreement will be available once the account is established with Best Choice Premium Finance Company. The Applicant has 10 days to dis-affirm financing at no additional cost by faxing a written request to the finance company at 818.610.2066. Please note, if financing is cancelled the total premium is due to BTIS.

• ACH Form

Full Annual Premium

The Producer may withhold commission and remit net payment in full.

What commissions do I get paid?

• California: 30%
• Oregon: 30%
• Washington: 25%

What kind of risks would be considered ineligible?

• Applicants with Chapter 7 bankruptcy in the "petition" phase
• Applicants with a Chapter 11 or Chapter 13 bankruptcy in "preliminary" phase
• Applicants with unresolved bond payout(s)

How long is my bond quote valid for?

• Quotes are valid for 60 days

How do I get paid commission on a financed bond?

• You should retain your commission from the down payment. If any additional commission is due, the remainder will become available on your monthly statement once finance funds have been received

My financed bond has a backdated effective date. When is my first installment due?

• The first installment is due 30 days from the effective date of the bond. In some cases, the first installment will need to be remitted at issuance

What do I need to do once the bond is issued?

• Email the signed bond application to: bondbinds@btisinc.com within 10 days of issuance.
  º California bonds: are electronically filed with the California State License Board
  º Oregon bonds: the Insured will need to mail or walk in the original bond form and Power of Attorney to the Oregon Construction Contractors Board
  º Washington bonds: the Insured will need to mail or walk the original bond form and Power of Attorney into the Washington Department of Labor & Industries