Computerized method, apparatus and system for issuing surety bonds

• US 7,194,435 B1
• Filed: 10/23/2000
• Issued: 03/20/2007
• Est. Priority Date: 10/22/1999
• Status: Expired due to Term

• Current Assignee: S2000 Corp.
• Original Assignee: Joseph Sforzo
• Inventors: Sforzo, Joseph
• Primary Examiner(s): PATEL, JAGDISH
• Application Number:
  US09/694,776
• Time in Patent Office: 2,339 Days
• Field of Search: 705/38, 705/35
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method, system and apparatus for obtaining a bond is disclosed. The invention employs a computer system that has a work station in communication with a server to provide information on a contractor that is required by a surety over the computer system. The server is provided with owner/obligee information concerning a bond over the network A surety is selected to provide the bond and the identity of the surety is presented over said computer network. The type of bond sought is identified. Approval of the bond is requested over the computer network and a decision on the bond request is obtained over the network. The approval decision includes an authorization code that is presented at a bid letting along with the contractor'"'"'s bid. The authorization code permits an owner/obligee to view an approved bond through the computer network.

Claims

1. A method of obtaining a surety bond over a computer network, said computer network comprising, at least an agent computer, a surety computer, and a third party computer, said method comprising:

a) receiving a request on said agent'"'"'s computer for a surety bond from an applicant, said surety bond being required from said applicant by a third party, using said computer network to select a surety from one or more sureties that have approved said agent to issue surety bonds on said surety'"'"'s behalf;

b) providing said surety over said computer network with the identity of said applicant requesting said bond and such other information said surety may require about said applicant so that a surety bond may be issued by said surety;

c) requesting from said surety over said computer network a decision on whether the bond is approved said request being received on said surety'"'"'s computer;

d) receiving from said surety over said computer network a decision on whether the bond is approved said decision being transmitted from said surety'"'"'s computer, and being received on said agent'"'"'s computer;

e) where said bond request is approved by said surety, said surety providing an authorization code said authorization code being transmitted from said surety'"'"'s computer over said computer network for an approved bond to said applicant;

f) submitting said authorization code to a third party requiring said bond said third party receiving said authorization code on said third party'"'"'s computer;

g) permitting said third party requiring said bond to use said authorization code over said computer network to access said bond issued by said surety said bond being accessed from said third party'"'"'s computer;

h) issuing from said surety computer said bond through said computer network to said third party after receipt of the authorization code said third party receiving said bond on said third party'"'"'s computer.

2. The method according to claim 1 wherein a contractor is provided with said authorization code that is presented at a bid letting along with said contractor'"'"'s bid, said authorization code permitting an owner/obligee to receive an approved bond through said computer network.

3. The method according to claim 1 wherein the bond is a surety bond.

4. The method according to claim 1 wherein the bond is a bid bond.

5. The method according to claim 1 wherein the bond is a contract bond.

6. The method according to claim 1 wherein the bond is a court bond.

7. The method according to claim 1 wherein the bond is a subdivision bond.

8. The method according to claim 1 wherein the bond is a performance bond.

9. The method according to claim 1 wherein the bond is a customs bonds.

10. The method according to claim 1 wherein the bond is a notary bond.

11. The method according to claim 1 wherein the bond is a liquor license bond.

12. The method according to claim 1 wherein the bond is a license bond.

13. The method according to claim 1 wherein the bond is a permit bond.

14. The method according to claim 1 wherein the bond is a Small Business Administration bond.

15. The method according to claim 1 wherein the bond is a bail bond.

16. The method according to claim 1 wherein the bond is a supersedeas bond.

17. The method according to claim 1 wherein the network is accessed by a password and the bond is accessed by said authorization code.

18. The method according to claim 1 wherein said agent provides said surety with a name of a contractor, said contractor'"'"'s address, the identity of an owner/obligee for whom the bond is required, an identification of the bond form required, an estimated contract price, an amount of the bid security, a contract number or IFB number, and a description of the job.

19. The method according to claim 18 wherein said owner/obligee is a governmental agency, a private owner, a construction manager, or a general contractor.

20. A system of obtaining a surety bond over a computer network, said computer network comprising, at least an agent computer, a surety computer, and a third party computer, said system comprising:

a) a means for an agent to select a surety, over said computer network, from one or more sureties that have approved said agent to issue surety bonds over said computer network on said surety'"'"'s behalf, said agent using said agent'"'"'s computer to select said surety;

b) a means for providing said surety, over said computer network, with the identity of an applicant requesting said bond and such other information said surety require about said applicant over a computer network, said surety using said surety'"'"'s computer to receive said identity of said applicant and said other information required by said surety;

c) a means for requesting from said surety over said computer network a decision on whether the bond is approved, said decision being transmitted from said surety'"'"'s computer to said computer network;

d) a means for providing an authorization code for an approved bond to said applicant to be submitted to a third party requiring said bond, said third party using said third party'"'"'s computer to receive said authorization code;

e) a means for permitting said third party requiring said bond to use said authorization code over said computer network to access said bond issued by said surety;

f) a means for issuing said surety bond through said computer network to said third party after receipt of the authorization code, said third party using said third party'"'"'s computer to receive said issued bond.

21. The system according to claim 20 wherein a contractor is provided with said authorization code that is presented at a bid letting along with said contractor'"'"'s bid, said authorization code permitting an owner/obligee to receive an approved bond through said computer network.

22. The system according to claim 20 wherein the bond is a surety bond.

23. The system according to claim 20 wherein the bond is a bid bond.

24. The system according to claim 20 wherein the bond is a contract bond.

25. The system according to claim 20 wherein the bond is a court bond.

26. The system according to claim 20 wherein the bond is a subdivision bond.

27. The system according to claim 20 wherein the bond is a performance bond.

28. The system according to claim 20 wherein the bond is a customs bonds.

29. The system according to claim 20 wherein the bond is a notary bond.

30. The system according to claim 20 wherein the bond is a liquor license bond.

31. The system according to claim 20 wherein the bond is a license bond.

32. The system according to claim 20 wherein the bond is a permit bond.

33. The system according to claim 20 wherein the bond is a Small Business Administration bond.

34. The system according to claim 20 wherein the bond is a bail bond.

35. The system according to claim 20 wherein the bond is a supersedeas bond.

36. The system according to claim 20 wherein the network is accessed by a password.

37. A method of obtaining a surety bond over a computer network, said computer network comprising, at least an agent computer, a surety computer, and a third party computer, said method comprising:

a) receiving a request for a surety bond on said agent'"'"'s computer using a computer network to select a surety from one or more sureties that have approved agent to issue surety bonds on said surety'"'"'s behalf;

b) providing said surety on said surety'"'"'s computer with the identity of a contractor and such other information said surety requires about said contractor and said bond over a said computer network;

c) selecting the bond over said computer network said surety using said surety'"'"'s computer;

d) providing said surety with information, over said computer network, said surety receiving said information on said surety'"'"'s computer, on a contract to be performed by said contractor for which said bond is required;

e) receiving from said surety a decision on whether the bond is approved, said decision being transmitted from said surety'"'"'s computer, and being received on said agent'"'"'s computer;

f) providing an authorization code, over said computer network, for an approved bond to said contractor to be submitted with said contractor'"'"'s bid;

g) permitting a third party that requires said bond to use said authorization code, over said computer network, to obtain the bond issued by said surety, said third party receiving said authorization code on said third party'"'"'s computer.

38. A method of obtaining information concerning a surety bond over a computer network, said computer network comprising, at least an agent computer, a surety computer, and a third party computer, said method comprising:

inputting into said computer network the identity of an applicant who requested a bond and such other information about said applicant that is requested by said surety;

selecting said surety, over said computer network;

said surety making a decision on whether to issue a bond on the applicant'"'"'s Information provided to said computer network, said surety using said surety'"'"'s computer to transmit said decision over said computer network;

said surety providing said computer network with an authorization code for an approved bond, said surety using said surety'"'"'s computer to transmit said authorization code over said computer network;

receiving said authorization code on said third party'"'"'s computer from said computer network by providing said network with said authorization code;

obtaining from said computer network information concerning said bond said information being received on said third party'"'"'s computer.

39. A system of obtaining a surety bond over a computer network, said computer network comprising, at least an agent computer, a surety computer, and a third party computer, said system comprising:

a) a means for selecting a surety, over said computer network from one or more sureties that have approved an agent to issue surety bonds over said computer network on said surety'"'"'s behalf, said agent using said agent'"'"'s computer to select said surety;

b) a means for providing, over said computer network said surety with the identity of a contractor and such other information said surety may require about said contractor over a computer network, said surety using said surety'"'"'s computer to receive said identity of said contractor and said other information required by said surety;

c) a means for selecting the type of bond requested by said contractor over said computer network;

d) a means for providing said surety over said computer network with information on a contract to be performed by said contractor for which a bond is required, said surety using said surety'"'"'s computer to receive said information on said contract;

e) a means for requesting from said surety over said computer network a decision on whether the bond is approved, said request being received by said surety'"'"'s computer;

f) a means for providing an authorization code for an approved bond over said computer network to said contractor to be submitted with said contractor'"'"'s bid;

g) a means for permitting a third party that requires said bond to use said authorization code to obtain the bond issued by said surety over said computer network, said third party receiving said authorization code on said third party'"'"'s computer.

40. A method of obtaining a surety bond over a computer network, said computer network comprising, at least an agent computer, a surety computer, and a owner/obligee computer, said method comprising:

an applicant for a bond said applicant accessing a website of a bonding agent through a login and a password;

entering a bond request to said bonding agency over said computer network;

providing said bonding agency with a name of a applicant, said applicants address, the identity of an owner/obligee for whom the bond is required, an identification of the bond form required, an estimated contract price, an amount of the bid security, a contract number or IFB number, and a description of the job over said computer network;

said bonding agent selecting a surety over said computer network for issuing a bond from one or more surety companies that have pre-approved said agent applying for said bond, said bonding agent using said bonding agent'"'"'s computer to select said surety;

selecting over said computer network said bond from the group consisting of, bid bonds, contract bonds, court bonds, subdivision bonds, performance bonds, customs bonds, notary bonds, liquor license bonds, license bonds permit bonds, small business administration bonds, bail bonds, and supersedeas bond, said bonding agent using said bonding agent'"'"'s computer to select said bond;

transmitting information obtained by said agent electronically to one or more said surety companies over said computer network, said bonding agent using said bonding agent'"'"'s computer to transmit said information;

requesting approval of the bond from at least one of said surety companies over said computer network, said bonding agent using said bonding agent'"'"'s computer to request said approval;

upon approval of the bond by the surety company over said computer network, providing the applicant with a code for accessing the bond over said computer network;

providing an owner/obligee, over said computer network, with said code at the bid letting, said owner/obligee using said owner'"'"'s/obligee'"'"'s computer to receive said code;

permitting said obligee to log onto said computer network, through the use of said code to review the bond issued by said surety company, said owner/obligee using said owner'"'"'s/obligee'"'"'s computer to logon to said computer network.

41. A method of obtaining a surety bond over a computer network, said computer network comprising, at least an agent computer, a surety computer, and a third party computer, said method comprising:

an applicant for a bond accessing website of a bonding agency through a login and a password;

said contractor entering a bond request, over said computer network to said bonding agent;

said agent providing one or more sureties with a name of a contractor, said contractor'"'"'s address, the identity of an owner/obligee for whom the bond is required, an identification of the bond form required, an estimated contract price, an amount of the bid security, a contract number or IFB number, and a description of the job, over said computer network;

said agent selecting a surety for issuing a bond from one or more surety companies that have pre-approved an agent applying for said bond, said bonding agent using said bonding agent'"'"'s computer to select said surety;

said agent selecting a bond from the group consisting, of bid bonds, contract bonds, court bonds, subdivision bonds, performance bonds, customs bonds, notary bonds, liquor license bonds, license bonds permit bonds, small business administration bonds, bail bonds, and supersede as bonds, over said computer network, said bonding agent using said bonding agent'"'"'s computer to select said bond;

said agent transmitting the information obtained from said applicant electronically to said surety company, over said computer network, said bonding agent using said bonding agent'"'"'s computer to transmit said information;

requesting approval of the bond from said surety company, over said computer network, said bonding agent using said bonding agent'"'"'s computer to request said approval;

upon approval of the bond by the surety company providing the applicant with a code for accessing the bond, over said computer network;

providing an owner/obligee with said code at the bid letting, over said computer network, said owner/obligee using said owner'"'"'s/obligee'"'"'s computer to receive said code;

permitting said obligee to log onto said computer network through the use of said code to review the bond, said owner/obligee using said owner'"'"'s/obligee'"'"'s computer to logon to said computer network.