As to the information that you will need to provide in order to obtain a commercial bond, there is no definitive, one-size-fits-all answer. Since this is a broad category that encompasses many different kinds of bonds, the requirements will differ depending on the class of bond being applied for. As well, each company has its own requirements, preferences, and policies.
The size of the bond may also determine the extent of a surety’s due diligence and the nature of the surety’s underwriting requirements. For bonds of a nominal dollar amount, a surety may be prepared to accept the risk with a minimum of underwriting information. Your broker should be able to guide you through the application process.
From a general perspective, even though most surety companies are also large insurance companies, qualifying for bonds is more like obtaining bank credit than purchasing insurance. Like your bank, a surety company wants to know you well before committing its assets.
Most individuals or businesses will be required to spend some time and effort to establishing a relationship with a surety company. Since the surety is guaranteeing your performance (i.e. guardianship bond) or providing security (i.e. customs bond), it needs to gather and carefully analyze information about you or your firm before it will agree to provide bonds.
The surety underwriting process is focused on prequalification which can take time to develop and present key background details, address questions the surety may have, and to verify information.
Each commercial surety bond has its very own specific requirements for providing background details and information, which would be cumbersome to list here. It is important, however, that some may require background and/or reference checks, financial statements, and/or documentation regarding the request for bonding.