We are not a market, but rather an MGU platform that aggregates several markets and automates the entire surety purchase process for instant bond issuing. We white label a free URL for your agency, and any bond purchased through your link is your commission and your relationship.

You will receive DocuSign documentation that will be an agreement very similar to any carrier relationship, allowing us to pay commission. Appointments will be issued same day after we receive the completed HelloSign documents and documentation requested (W-9, Copy of Agency License, E&O dec page, ACH Direct Deposit Form, Signed Propeller Agreement).

The URL is FREE to Agents, and Propeller pays standard commissions for every bond purchased.

There are no minimum production requirements.

The agent will have a URL issued to them by Propeller. Search for a bond by state and/or type to find the electronic application.

We receive an override from our carriers. We are able to seed the lion’s share of the commission (30%) to our agency partners solely stemmed from the cost-effective technology we have implemented.

If there is a loss - NO! Your current book of business will remain unaffected.

We pay agents in real time (on a monthly basis) therefore, we do not have a contingency agreement with our carriers or agency partners.

All Propeller carriers are A rated.

No. Currently we only sell bonds through our agency partners.

Yes, all of our carriers are A rated by A.M Best.

We do not.

We do not.

Yes, we will act as your surety department and assist with anything required to issue the bond.

Yes, please contact Katie Navarro, katie@propellerbonds.com with your interest and she will walk through the process.

Yes we do! Appointed agents can visit propellerbonds.com/agency-portal to join the waitlist. In order to gain portal access, you must have purchased at LEAST ONE BOND. 

Email Danny Goff, danny@propellerbonds.com and let him know you are interested.

A surety bond is a legally binding contract between three parties: obligee, principal and surety that ensures certain contractual obligations will be met.

You need one if the government or entity is requiring it of you in order to do an action (obtaining a license or performing an action).

You will need to ask whoever is requiring it of you to figure this out. Is it tied to a license or a court or a performance?

It depends on the type of surety bond you are requiring. Low credit could result in a higher premium or the bond being declined by the surety company.

Depends on the type of bond and information required. Most of our bonds are instantaneous while others could take 1-2 business days.

Sign it and turn it in to the obligee (entity requiring the bond).

Yes. Usually the term is annually.

The length of time the bond is enforce, usually a year.

Collateral is money that is required by the surety company in order to support the bond.

This is when the term expires and the bond renews.

The obligee (entity requiring the bond) will determine the amount. It is usually a statutory requirement.

On an annual basis.

Obligee (entity requiring the bond), Principal (similar to an "insured"), and Surety Company (company guaranteeing the bond, usually an insurance company).

The entity requiring the bond. Usually a municipality or the federal government.

Contract bonds are Bid bonds and Performance and Payment bonds.

This is a contract bond that is required in order to perform work on public projects. Sometimes private owners also require a bond as well.

Commercial surety are bonds that fall under a few categories: license, permit and court.

We will automatically send those documents once the renewal is paid.

The surety requires spousal indemnity to ensure assets over to them if the surety has to collect from you due to a payout on a claim.

Indemnity is an agreement between the principal and the surety company stating that if the surety company pays out money then the principal will pay them back. Surety is a credit product so you can think of this similarly to a letter of credit where if the bank gives you a loan then you would be required to pay the money back. Essentially that is what surety is as well, but the principal would only need to pay if there were ever a claim on the bond and the surety paid out money.

There are several differences. Insurance is an agreement between the insured and insurance company. Losses are expected and not recoverable. Premiums paid cover both costs and losses. Whereas, surety is a three party agreement between the obligee, principal and surety company. Losses are not expected and recoverable (because of the indemnity agreement). Premiums cover costs.

Because it is required by statute. But also, you can free up your letter of credit for other things.

Yes. If expedited shipping is required.

Yes, you may select yes with the permission of your client.

Yes, the client and agent always receive an electronic copy.

For insurance, reach out to your insurance agent. For bonds, you can find your bond, complete the application, pay for and receive your bond all through our website.

Typically the obligee (entity requiring the bond) will advise you on what effective date should be used. In most instances it should match the date of your license/the date the work project begins.

The first year is fully earned premium. Renewals can be prorated if cancelled.

The surety will get notified by the Obligee that they are claiming on the bond. A claim does not automatically mean a loss. The surety will work with the Principal to try and resolve the issue or reason for claim before paying out any money.