Computerized method, apparatus and system for issuing surety bonds

• US 8,571,898 B2
• Filed: 12/15/2011
• Issued: 10/29/2013
• Est. Priority Date: 10/22/1999
• Status: Expired due to Fees

• Current Assignee: Joseph Sforzo
• Original Assignee: Joseph Sforzo
• Inventors: Sforzo, Joseph
• Primary Examiner(s): Patel, Jagdish
• Application Number:
  US13/326,616
• Publication Number:
  US 20120191482A1
• Time in Patent Office: 684 Days
• Field of Search: 705/4, 705/38, 705/35, 705/37
• US Class Current: 705/4
• 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 non-transitory computer readable storage medium storing program code for a method of processing one or more bond applications and of executing a respective surety bond, wherein execution of the program code by one or more processors of a computer system causes the displaying of one or more screens for use in executing the steps of said method, said method comprising;

authorizing of an agent, by one or more surety companies using an agent authorization screen, for accessing of the computer system, said access authorizing the agent for issuing surety bonds on behalf of each said one or more surety companies;

storing a list, in said storage medium, of said one or more surety companies for which said authorized agent is authorized to issue surety bonds;

storing a list, in said storage medium, of one or more bond types;

requesting, by a requestor, of a bond from said authorized agent;

accessing the computer system, by said authorized agent, using an agent login screen, and entering, by said authorized agent, of information for said requested bond into a bond application screen;

selecting a bond type, for said bond application, from said list of more or more bond types;

selecting a surety company, for said bond application, from said list of said one or more surety companies;

issuing a decision on said bond application; and

wherein when said decision comprises approving said bond application, executing said requested bond by;

listing a date and a time of said execution on said requested bond, assigning an authorization code for said requested bond, providing said authorization code to the requester, and storing said executed bond in said storage medium;

submitting of said bond authorization code, by the requester, to an owner/obligee;

accessing the computer system, by the owner/obligee, using an owner/obligee login screen; and

verifying said executed bond, by the owner/obligee, by;

entering said bond authorization code into a bond search screen; and

displaying said executed bond.

2. The non-transitory computer readable storage medium according to claim 1, said method further comprising:

said accessing of the computer system by said authorized agent and said accessing of the computer system by the owner/obligee each comprising accessing the computer system directly by entering a name and a password in said respective agent and owner/obligee login screens.

3. The non-transitory computer readable storage medium according to claim 1, said method further comprising:

said accessing of the computer system by said authorized agent comprising using an agent workstation having a network connection with the computer system, by entering a name and a password into said agent login screen.

4. The non-transitory computer readable storage medium according to claim 1, said method further comprising:

said accessing of the computer system by the owner/obligee comprising using an owner/obligee workstation having a network connection with the computer system, by entering a name and a password into said owner/obligee login screen.

5. The non-transitory computer readable storage medium according to claim 1, wherein said entering of said information for said bond application comprises entering one or more of the following:

a bid date, an estimated contract price, an amount of the bid security, a contract number or IFB number, a job description, a name of the owner/obligee, an address of the owner/obligee, a name of the requestor, and an address of the requester.

6. The non-transitory computer readable storage medium according to claim 1 wherein said one or more bond types is a bond from the group of bond types consisting of:

a bid bond, a contract bond, a court bond, a subdivision bond, a performance bond, a customs bonds, a notary bond, a liquor license bond, a license bond, a permit bond, a small business administration bond, a bail bond, a supersedeas bond, or a litigation bond.

7. The non-transitory computer readable storage medium according to claim 1, wherein when said decision comprises disapproving said bond application, said method further comprising statusing said bond application as a dead bond.

8. The non-transitory computer readable storage medium according to claim 7, said method further comprising viewing on a work list screen, by said one or more surety companies, of each said bond application, of each said executed bond, and each said dead bond.

9. The non-transitory computer readable storage medium according to claim 3, said method further comprising providing one or more employees of said authorized agent, with access to the computer system by inputting a respective employee name and password into an employee list screen.

10. The non-transitory computer readable storage medium according to claim 1, said method further comprising permitting each said one or more surety companies to rescind said access of said authorized agent to the computer system.

11. A computer program product comprising a non-transitory computer readable storage medium having computer readable program code embodied therein and executable for causing a computer system to display one or more screens in a method of requesting and using a surety bond, said method comprising;

authorizing an agent for access to the computer system, by a surety company, using an agent authorization screen, said access authorizing the agent for issuing surety bonds on behalf of the surety company;

requesting, by a contractor, of a bid bond from said authorized agent;

accessing the computer system, by said authorized agent, using an agent login screen, and entering, by said authorized agent, of said bid bond request into a bond application screen;

approving of said requested bid bond, by said authorized agent, comprising providing a bond authorization code to the contractor, and storing said approved bond in said storage medium;

submitting of said bond authorization code, by the contractor, to an owner/obligee;

accessing the computer system, by the owner/obligee, using an owner/obligee login screen; and

verifying said approved bid bond, by the owner/obligee, by;

entering said bond authorization code into a bond search screen; and

viewing said approved bid bond.

12. The computer program product of claim 11, said method further comprising:

said accessing of the computer system by said authorized agent, and said accessing of the computer system by the owner/obligee each comprising accessing the computer system directly by entering a name and a password in said respective agent and owner/obligee login screens.

13. The computer program product of claim 11, said method further comprising:

said accessing of the computer system by said authorized agent by using an agent workstation having a network connection with the computer system, and by entering a name and a password into said agent login screen.

14. The computer program product of claim 13, said method further comprising:

providing said access to the computer system, for said authorized agent, by requiring the entry of a password by said authorized agent.

15. The computer program product of claim 14, said method further comprising:

rescinding said access of said authorized agent to the computer system.

16. The computer program product of claim 11, said method further comprising:

said accessing of the computer system by the owner/obligee by using an owner/obligee workstation having a network connection with the computer system, and by entering a name and a password into said owner/obligee login screen.

17. The computer program product of claim 16, said method further comprising:

printing, by the owner/obligee, of said approved bid bond.

18. The computer program product of claim 16, said method further comprising:

providing said access to the computer system, for the owner-obligee, by requiring the entry of a password by the owner/obligee.

19. The computer program product of claim 11, said method further comprising:

entering, by said authorized agent, of said bid bond request into said bond application screen by;

entering contractor information and owner/obligee information for said requested bid bond into one or more information boxes;

selecting the surety company from a list box;

selecting said requested bid bond from a list box of bond types.

20. The computer program product of claim 19, said method further comprising entering of one or more of the following for said contractor information:

a bid date, an estimated contract price, an amount of the bid security, a contract number or a IFB number, a job description, a name of the owner/obligee, an address of the owner/obligee, a name of the contractor, and an address of the contractor.

21. The computer program product of claim 11, said method further comprising:

recording of a date and time of said approval of said requested bid bond.

22. The computer program product of claim 11, said method further comprising:

authorizing of an employee of said authorized agent for access to the computer system, by said authorized agent, using an employee authorization screen, said access authorizing the employee for issuing surety bonds on behalf of the surety company.

23. A computer program product comprising a non-transitory computer readable storage medium having computer readable program code embodied therein and executable for causing a computer system to display one or more screens in a method of requesting and using a surety bond, said method comprising:

authorizing an agent or de-authorizing the agent for access to the computer system, by a surety company, using an agent authorization screen, said access authorizing the agent for issuing surety bonds on behalf of the surety company;

requesting, by a contractor, of a bond from said authorized agent;

accessing the computer system, by said authorized agent, using an agent login screen, and entering, by said authorized agent, of said bond request into a bond application screen;

approving of said requested bond, by said authorized agent, comprising providing a bond authorization code to the contractor, and storing said approved bond in said storage medium;

submitting of said bond authorization code, by the contractor, to an owner/obligee;

accessing the computer system, by the owner/obligee, using an owner/obligee login screen; and

verifying said approved bond, by the owner/obligee, by entering said bond authorization code into a bond search screen.

24. The computer program product of claim 23, said method further comprising:

said accessing of the computer system by said authorized agent, and said accessing of the computer system by the owner/obligee each comprising accessing the computer system directly by entering a name and a password in said respective agent and owner/obligee login screens.

25. The computer program product of claim 23, said method further comprising:

said accessing of the computer system by said authorized agent by using an agent workstation having a network connection with the computer system, and by entering a name and a password into said agent login screen.

26. The computer program product of claim 25, said method further comprising:

said accessing of the computer system by the owner/obligee by using an owner/obligee workstation having a network connection with the computer system, and by entering a name and a password into said owner/obligee login screen.

27. The computer program product of claim 26, said method further comprising approving of said requested bond by archiving a date and a time of said approval in said storage medium with said stored bond;

and verifying, by the owner/obligee, of said approved bond by verifying a date and a time of said approving of said approved bond.

28. The computer program product of claim 27, said method further comprising verifying, by the owner/obligee, of said approved bond by viewing said approved bond.

29. The computer program product of claim 28, said method further comprising printing, by the owner/obligee, of said approved bond.

30. The method of requesting and using a surety bond according to claim 23 further comprising:

said accessing of the computer system by said authorized agent, and said accessing of the computer system by the owner/obligee each comprising accessing the computer system directly by entering a name and a password in said respective agent and owner/obligee login screens.

31. The method of requesting and using a surety bond according to claim 23 further comprising:

said accessing of the computer system by said authorized agent is by using an agent workstation having a network connection with the computer system, and by entering a name and a password into said agent login screen.

32. The method of requesting and using a surety bond according to claim 31 further comprising:

said accessing of the computer system by the owner/obligee is by using an owner/obligee workstation having a network connection with the computer system, and by entering a name and a password into said owner/obligee login screen.

33. The method of requesting and using a surety bond according to claim 32 further comprising approving of said requested bond by archiving a date and a time of said approval in said storage medium with said stored bond;

and verifying, by the owner/obligee, of said approved bond by verifying a date and a time of said approving of said approved bond.

34. The method of requesting and using a surety bond according to claim 33, said method further comprising printing, by the owner/obligee, of said approved bond screen.

35. A method of requesting and using a surety bond in a general purpose computer system comprising a central processing unit;

a display device;

an input means; and

a non-transitory computer readable storage media for storing instructions to program the general purpose computer, wherein the instructions configure the general purpose computer to perform the steps of said method, said method comprising;

authorizing an agent or de-authorizing the agent for access to the computer system, by a surety company, using an agent authorization screen, said access authorizing the agent for issuing surety bonds on behalf of the surety company;

requesting, by a contractor, of a bond from said authorized agent;

accessing the computer system, by said authorized agent, using an agent login screen, and entering, by said authorized agent, of said bond request into a bond application screen;

approving of said requested bond, by said authorized agent, comprising providing a bond authorization code to the contractor, and storing said approved bond in said storage medium;

submitting of said bond authorization code, by the contractor, to an owner/obligee;

accessing the computer system, by the owner/obligee, using an owner/obligee login screen; and

verifying said approved bond, by the owner/obligee, by;

entering said bond authorization code into a bond search screen; and

viewing said approved bond.