We explain here the bond, the deadlines, the costs as well as the documents required to complete your request.
First of all, it is important to know the deadlines and costs attached to this request. This can affect your initial budget and especially the opening time of your center.
Deadline for obtaining:
Regular deadlines: 15 working days maximum.
Urgent request: 3 working days. *
There is also a fee to collect your bond: $ 20,000 (per center)
What is a bond and how do I get it?
A bond is actually an amount that assures your customers that if you close your doors, or go bankrupt, their obligation would be covered by that amount.
There are different types of surety bonds, see here. But I would say that 99% of the time, homeowners choose the Bond Policy option because it is the easiest and cheapest to get. In other words, you are asking an insurer or a financial institution to cover your bond in exchange for a fee of $ X (Usually around $ X)
Here are the steps and documents required:
The 3 documents required are (or 4 if bond):
- OPC permit application.
- Your bond by your insurance broker
- Check to pay the application fee
You will understand that to make your complete application, you must first have made your request for your bond with your insurer or your financial institution.
My references to help you with this?
I have been working for over 8 years now with the same insurance broker (we have no association otherwise in that they provide exceptional service and I have no problem referring them to all the owners that I meet.