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Why does a job ask you if you are bondable?

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2006-04-20 20:17:47
2006-04-20 20:17:47

It's like insurance. You would know if you weren't bondable. You wouldn't be bondable if you had gotten into big trouble for stealing or something like that. That question is usually asked for jobs that require you to handle money and possibly valuable merchandise. Bonding is frequently called ""reverse insurance". Insurance is intended to pay someone for damages by an event that, may or may not have any fault, but is essentially expected to possibly happen, (like a house fire). An insurance company expects to pay some losses - the risk of that loss, to the degree that it is more than the fee/premium charged, is shifted from the insured to the insurance company. Bonding on the other hand, is a way to assure payment (or performance of something) for an event that really should never happen. If payment/performance under a bond must occur, the Bonding Company will try and get paid by the one it bonded. It never agreed there should be or to accept any loss. Hence, along with a fee the company normally gets security/liens/mortgage that it feels is adequate to reimburse it for any amounts it pays. Bonds come in many, frequently specific & independent forms. For example, it is common that a building contractor will have to provide 3 different bonds in many jobs: Bidding, Performance, & Payment. The bid bond assures that if he bids to do a job - wins the bid - and then doesn't agree to to the job as bid, the one who was requesting the bid (and now has to go through the time and expense of redoing it all) gets compensated. The contractor may also have to provide a Performance bond, which basically means if he fails to complete the contract, (walks off the job, etc., ) and the buyer needs to get someone else to do it, there is compensation in the bond amount. This bond may even cover the warrenty period, so there is a way to assure the contractors 10 year guarantee, if say, he's gone then. (Sometimes, instead of paying, the Bonding Company will/must actually step in and hire another contractor to perform). There may be a bond required to assure that payments made to the general Contractor that should be paid to the sub contractors , suppliers or employees, are actually paid to those people. (If the contractor fails to pay a supplier/worker, those people actually have a lien against your property until they are paid, even if you paid the contractor). Hence, a bond is essentially that a large, capable organization (generally an insurance company), agrees that those taking on a responsibility are actually responsible, or the bonding Company will perform in its behalf or compensate....and then get renumeration from the one causing the problem. In most job situations, it means you are considered responsible to be trusted with money, (under what would be expected to be controlled guidelines of your employer). Just being able to be bonded for something, indicating another presumably large/reputable company will stand behind you, is a sign of quality and integrity.

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Related Questions


Bondable means you do not have a criminal record, so when asked: "are you bondable?" and you have a clean record, answer "yes."You can also get around this if you've been pardoned for your offense. So you're also bondable if you went through the pardon process and had your record sealed. See related link below:


You can be insured to handle cash and valuables A bondable employee is someone who can be insured to handle cash and other valuables. Employers need to get insurance for loss or theft of goods. People with criminal convictions, especially theft and fraud, are usually not bondable.


Meaning you have to have a clean criminal background so you can be bonded which is a requirement of the job.


what is the criteria for being bondable?


People with criminal records are not bondable.


When you are asked on an application are you bondable "means a person is deemed worthy of bond or insurance coverage. The insurer provides coverage for an owner-operator or a company employee if the insurer finds that party worthy of coverage" So essentially you have not committed theft or a crime equal to that or have a poor credit rating.


Bondable usually means that an individual has no criminal record. Some companies also include credit history in the definition of bondable individuals.


Yes, a person is still bondable. They just have to be able to pay their bond or have a clear background check to be bondable.


This question means to ask if you are bondable. If you have been denied a bond it probably would have been due to a bad criminal record or background check which reveals information about you.


You are not bondable if you have a felony on your record. The insurance company doesn't want the risk that comes with bonding a felon.


It is never a good idea to lie on a job application. If you are applying for a position that requires you to be bonded, it will become apparent that you are not during the application and hiring process.


Too be bondable in Ontario is (not have been found guilty of any criminal offenses related to theft or fraud) Having a criminal record alone does not necessarily exclude you from being bondable.


Nursing aide or practical nurse, possibly, but not a real 'registered' nurse, who has to be bondable and has access to category 3 medication.


ask job specifications and job description.


i ask you why you ask me?


That depends on the reason you do not qualify, but most are hard to change. Bad credit rating, history of drug or alcohol abuse, felony convictions?


Yes, a person is still bondable after being charged with an assault. A person is only unable to get bonded if charged with a felony.


It depends on what job you ask for.


When interviewing, ask what the last person who had the job did. Also ask how long they were in the job, and what they went on to do after they left the job.


To get a job you have to ask the owner of the room that you want the job in


Ask your parents for a job.


you go there and ask them if u can have a job


Many occupations require that a person receive a "bond", which is little more than an insurance policy that pays customers if you turn out to be a thief or otherwise steal from them or fail to perform as required. If you are bondable it usually means that you have a clean police record and reasonable credit. Bonding institutions want to minimize their risk before accepting you as a client.


You can go to any insurance agency and ask them if you are bondable. They will run a background check and then issue you a bond up to a certain amount.


Do you have a job? What is your job? What do you like about your job? What is your name?



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