What is Surety 2000?
The key functions of Surety2000 were developed to expedite the issuance of insurance documents in a less cumbersome and more cost effective manner.
Government agencies and Owner/Obligees receive surety bonds free of clerical errors with the assurance of authentication.
Surety agents can issue bonds instantly, providing a service to clients, while decreasing deliver costs and eliminating clerical errors.
Electronic Signatures have been integrated into the system, providing a legally binding document to all parties.
Surety2000 is integrated with all standard electronic bidding systems providing a seamless process... combining a contractor's bid and contract with a surety bond.
Sureties can track and monitor the issuance of every bond when executed, eliminating fraud.
In its purest form, Surety2000 is the patented 20-year standard delivery system of a document that has an unalterable electronic signature, is time-stamped, is 100% enforceable, and completely proliferated within the insurance and surety bonds industry.
Why is the Electronic Surety Bond System Better than Paper Bonds?
Surety administrators are tied to their office facilities when creating a paper bond. Surety2000 frees them and contractors from having to coordinate wet signatures, corporate seals, notaries, stapling paper powers of attorney etc. on a bond form before bidding projects.
Plus, the Surety2000 platform provides significant benefits over the traditional paper process. These benefits include:
Swift reliable creation and execution of bonds
Safe and secure - all bonds are signed electronically, are unalterable, and time-stamped by surety agents with notification sent to the bonding companies, thus eliminating the possibility of fraud
Surety bond agents can log in from a remote location with their username and password to create and execute bonds
The “Green” paperless process is environmentally sound
Integration with all major e-procurement and electronic bidding platforms
How Does it Work?
Using web-based technology, Surety2000 allows the surety agent and surety company to work within an improved interactive environment, without altering existing, traditional relationships. The surety agent communicates with the client while the Surety Company authorizes electronic power of attorney. The keys to Surety2000 are the "Authorization Code," electronic signatures, electronic control over powers of attorney, and the secure interaction and retention of data. In lieu of unreliable paper bonds, the surety agent will generate authorization codes through the system and provide these codes to the contractors/principals. Surety agents electronically sign these documents. The contractor/principal logs into the system to retrieve and electronically sign the bond through Surety 2000 or through its designated electronic bidding system with which Surety 2000 is integrated.
Once signed, owner/obligees log onto the system to retrieve and file the executed surety bond. All electronic signatures are authenticated, secure and time-stamped. All surety companies are notified in real-time and view the executed bonds, virtually eliminating the possibility of fraud.
If you are a Surety Company, Agent, Contractor, or Government Agency, you are invited to click on our registration request below. A Surety2000 specialist will respond to your request. Please feel free to call us direct at 800-660-3263.
Completing a Surety2000 Question Type In OpenGov Procurement
Once the bond has been secured, the vendor will enter the Bond Number and their Contractor Vendor ID during proposal submission. When these fields have been filled in, the Verify Bid Bond button becomes active. Clicking the button initiates a request to Surety2000 with the bond information which will then return as verified in the case the information matches, or not verified.