Why does a job ask you if you are bondable?

Answer 1

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.

Answer 2

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:

Answer 3

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.

Answer 4

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.

Answer 5

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.

Answer 6

If you are asked if you have ever been bonded, an employer is asking if you have ever been insured by an employer. There are some positions, such as housekeeping, where bonding is common.