December 16, 2017

Release of Mechanics Lien Bond

Best Rates on Cheap Surety Bonds and Cheap Fidelity Bonds for the Sacramento, Chico, Redding, San Francisco, Oakland, San Jose, Long Beach, Fresno, Los Angeles, Santa Ana, Anaheim, and San Diego, California regions. Providing our Clients with low cost, affordable, cheap bonds.

Call us at 916-984-9320 for a free bond quote. Get a free quote within a couple of minutes.

Release of Mechanics Lien Bond Application  needs to be completed and signed by all owners and spouses to obtain the referenced bond.  In addition, we will need copy of the recorded mechanics Lien(s)

These bonds are fully collateralized.  Acceptable forms of collateral are cashier’s check or Irrevocable Letter of Credit (ILOC)  in favor of American Contractors Indemnity  Company. The collateral requirement is based on the bond amount which is 1  1/4 times the lien amount.  When cash is posted as collateral, the rate is 2% based on the bond amount subject to a $250.00 minimum premium. We can also consider a trust deed on acceptable real estate.  If real estate is posted as collateral, the premium rate is 4% based on the bond amount.

If cash is available in escrow for collateral funds and/or premium payment, we can make arrangements to put a demand into escrow for these funds.  The title company would provide us a copy an amended closing escrow statement reflecting American Contractors Indemnity Company (wholly owned subsidiary of HCC Surety Group) as payee for the collateral amount.  If the bond is over $10,000 then Personal-Financial-Statement  and / or  Business Financial are needed.

Download:

 

Release of Mechanics Lien Bond Application

Personal-Financial-Statement 

Business Financial 

ILOCFORM  (sample for your bank)

Should you have any questions, please call us at 916-984-9320.  You may also email a copy of documents to: Info@barraganinsurance.com

Barragan Insurance Agency

1132 Suncast  Lane Ste 8

El Dorado Hills, CA 95762

Phone: 916-984-9320

Fax: 916-984-8013