Website Launched: 9/24/2023
Website Launched: 9/24/2023
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The state of California requires Construction Contractors and Termite Inspectors
to be "bonded", in addition to Licensing and Insurance.
The state of California requires Construction Contractors and Termite Inspectors
to be "bonded", in addition to Licensing and Insurance.
According to "Bond Theory" and State Statutes,
the Bond Company can act like a third party Court of Equity.
Bond Companies are chartered with reviewing claims for Negligence,
Gross Negligence, Misrepresentation, and Fraud.
If violations of State Statutes are found, the Bond Company will
1) Pay $$ out to the complainant
2) Notify the Licensing Board to bind up the Bonded Person's License
3) Obtain remuneration from the Bonded Person.
According to "Bond Theory" and State Statutes,
the Bond Company can act like a third party Court of Equity.
Bond Companies are chartered with reviewing claims for Negligence,
Gross Negligence, Misrepresentation, and Fraud.
If violations of State Statutes are found, the Bond Company will
1) Pay $$ out to the complainant
2) Notify the Licensing Board to bind up the Bonded Person's License
3) Obtain remuneration from the Bonded Person.
The current minimum bond for Contractors is $25,000 and $15,000 for inspectors.
This won't cover large losses,
but the "theory" suggests it's a great way to "encourage" proper behavior
by Bonded individuals.
The current minimum bond for Contractors is $25,000 and $15,000 for inspectors.
This won't cover large losses,
but the "theory" suggests it's a great way to "encourage" proper behavior
by Bonded individuals.
It also would decrease court load for
the CA Legal System, right?
It also would decrease court load for
the CA Legal System, right?
What if I told you that this California Bond System may be a massive Insurance Scam?
Another case of "Privatization" run a muck?
What would I have to show you to convince you?
What if I told you that this California Bond System may be a massive Insurance Scam?
Another case of "Privatization" run a muck?
What would I have to show you to convince you?
What if I told you this system gives the appearance of added Consumer Protection
and reduction and court load via Corporate Services,
but it might actually just be an insurance scam,
milking Contractors for money while producing no reasonable
or expected protections to Citizens of California?
What would I have to show you to convince you?
What if I told you this system gives the appearance of added Consumer Protection
and reduction and court load via Corporate Services,
but it might actually just be an insurance scam,
milking Contractors for money while producing no reasonable
or expected protections to Citizens of California?
What would I have to show you to convince you?
If I told you Bond Company Employees would go so far as to commit FRAUD in writing,
exposing their willful avoidance of their prescribed duties,
would you believe it if you read it yourself?
If I told you Bond Company Employees would go so far as to commit FRAUD in writing,
exposing their willful avoidance of their prescribed duties,
would you believe it if you read it yourself?
The article below was written by a Bond Company.
It was done to promote the use of Bonds in a State Licensing System.
But does the system really work?
The article below was written by a Bond Company.
It was done to promote the use of Bonds in a State Licensing System.
But does the system really work?
Do you realize a nearly identical system can exist without Corporate involvement
that actually aligns responsible parties properly, and in a way that would result in
ZERO Bond Company Fraud, because they'd all be out of business ?
Do you realize a nearly identical system can exist without Corporate involvement
that actually aligns responsible parties properly, and in a way that would result in
ZERO Bond Company Fraud, because they'd all be out of business ?
The idea that a contractor with a bond will behave better and not "disappear with money" while "leaving a client high and dry without finishing the job" sounds appealing.
The idea of asking a Contractor to pay for that coverage from a Private Bond Company, logically seems like a "deterrent", right? And what could work better?
GREAT QUESTION!!
Wouldn't it be the same deterrent if the State of California Licensing Board just used a government managed guarantee fund, paid into by the Contractors, and then the State enforced behavior and remove licenses from those who didn't comply? Does this actually exist in other states? (YES, it does)
Is this yet another case of "privatization" of services that in fact must be Government Handled to avoid the creation of a naturally corrupt market place?
If the Bond Company coverage stopped with coverage for "black and white" issues like disappearing with money while failing to complete a job, could this system make sense? Possibly. Unfortunately, it doesn't.
The laws created to bring them into existence put a LOT more responsibility on them in ways that sure seem to conflict with basic "commercial theory".
Are Bond Companies over promising the public on services they do not really provide and are they then over charging contractors for "mandatory compliance services" they will never enforce ? The short answer is YES.
Before getting into THREE complaints which reveal a level of "Bond Company Complaint Handling Fraud" that some will find "chilling and numbing" as others shout !! RICO !!, let's think for a moment about this from the "business side" of a Bond Company. Let's see if there are any inherent business conflicts that might explain bad Bad Bond Company behavior systemically and universally.
Before getting into THREE complaints which reveal a level of "Bond Company Complaint Handling Fraud" that some will find "chilling and numbing" as others shout !! RICO !!, let's think for a moment about this from the "business side" of a Bond Company. Let's see if there are any inherent business conflicts that might explain bad Bad Bond Company behavior systemically and universally.
FACTS
Contractors and Inspectors are the Paying Clients of Bond Companies
Contractors and Inspectors are FORCED to buy bond coverage from Companies that will be their judge and jury if they misbehave .
There are many Bond Companies in the Marketplace. Thus, contractors and inspectors have a choice of who they can buy Bonds from...
If a Bond Company looks the other way when bona-fide complaints are filed, would their clients (the bonded person), be a client for life and tell others to buy bonds from them? ABSOLUTELY...
If a Bond Company forces stress on their own paying clients, even if it is due, will the Bond Company be in business long? NOPE.
Right out of the gate, if there's even one Bond Company in the marketplace that gains a reputation of protecting Bonded Parties instead of holding them accountable, this corprate system becomes inverted. To compete, all other Bond Companies must do the same.
From the get go, did this idea of using privately owned Bond Companies for this task sound like a good idea? NOPE.
Is this a good example of how "Privatizing Services" was never based in a good framework to start with? YES.
Do any Bond Company's or the State of California expose the idea there is a better way to do this, and that is with a Government Managed Guarantee fund? NOT YET.... But Times. They are a Changin' !!
Can we find anything online that might reveal anything "odd"
about Bond Company marketing to Contractors? SURE WE CAN.
This took 30 seconds to find with the search of "contractor bonds are a scam"....
How does a Bond Company get 2,522 reviews AND get 4.9 stars?
Can you imagine 2,522 contractors eagerly running home after work to give their bond company a positive review?
Do you imagine this company protects their Bonded Parties or prosecutes them?
Do you imagine this company pays out to consumer as they should?
This Bond Company Business scenario reveals a similar but different commercial conflict as is found with Home Inspectors and Termite Inspectors.
This Bond Company Business scenario reveals a similar but different commercial conflict as is found with Home Inspectors and Termite Inspectors.
In that situation, in order to build a strong Real Estate Agent referral network, Inspectors have to "overlook" the defects they were hired to identify to satisfy those most important for repeat referrals, which are the Real Estate Agents and Brokers, not the paying clients.
In this scenario, the Bonding Company needs their own clients, the ones they are supposed to discipline,
as their referral agents, and to get that they must "overlook" things whenever they can.
In that situation, in order to build a strong Real Estate Agent referral network, Inspectors have to "overlook" the defects they were hired to identify to satisfy those most important for repeat referrals, which are the Real Estate Agents and Brokers, not the paying clients.
In this scenario, the Bonding Company needs their own clients, the ones they are supposed to discipline,
as their referral agents, and to get that they must "overlook" things whenever they can.
How do the Bond Company Employees "ignore bona-fide complaints" to maintain standing with their paying customers, while grossly violating the state laws that created their industry to start with?
GREAT QUESTION!!
And you've come to the right website to get that answer!!
How do the Bond Company Employees "ignore bona-fide complaints" to maintain standing with their paying customers, while grossly violating the state laws that created their industry to start with?
GREAT QUESTION!!
And you've come to the right website to get that answer!!
I'll be posting THREE case studies exposing this rot in the coming days/weeks. Me. 9/24/2023
cc:
@icRicardoLara
@gavinNewsom
@ropBonta
@repjimmypanetta
@senJohnLaird
@gcForSupervisor
I'll be posting THREE case studies exposing this rot in the coming days/weeks. Me. 9/24/2023
cc:
@icRicardoLara
@gavinNewsom
@ropBonta
@repjimmypanetta
@senJohnLaird
@gcForSupervisor
@theJusticeDepartment
@jamesOkeefeIII
@okeefeMediaGroup
@joeRogan
@jimmy_Dore
...and many, many more...
@theJusticeDepartment
@jamesOkeefeIII
@okeefeMediaGroup
@joeRogan
@jimmy_Dore
...and many, many more...
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