Arizona Professional Fiduciary Certification Bond

Arizona Professional Fiduciary Certification Bond

Fiduciaries in Arizona are required by the Arizona Supreme Court to have an active $10,000 Professional Fiduciary Certification Bond. The surety bond, provided by Jet Insurance Company, is a fiscal promise to the court that investigation and hearing costs can be paid if the certified fiduciary fails to.

APPLY FOR BOND

Jet offers the Professional Fiduciary Certification Bond without the need for a middleman or broker which would increase costs and slow down the bonding process.

What Is the Lowest Price for the Bond?

Jet offers the Professional Fiduciary Certification Bond starting at $100 annually. There are two and three year payment options starting at $175 and $250, respectively. Pricing is based on the fiduciary’s personal credit. Below is Jet’s prices for preferred tier fiduciaries.

Bond TermCost
Monthly$10
1 Year$100
2 Years$175
3 Years$250
Arizona Fiduciary Certification Bond Cost

A monthly option for the bond is available exclusively at Jet, for those who want to set it and forget it when it comes to their bonding.

What Is the Purpose of the Professional Fiduciary Certification Bond?

Arizona Statutes ARS 14-1561 requires any person conducting work as a professional fiduciary to become certified with the State of Arizona Supreme Court and part of the certification process is to have an active surety bond. These statutes provide the framework for the Supreme Court to enforce rules and procedures surrounding professional guardians, conservators and personal representatives.

Should a person under the care of the fiduciary, an estate heir or beneficiary file a complaint to the Supreme Court and should the violation be valid, the court will hold the fiduciary accountable for the cost to investigate and hold hearings. The surety bond is a tool used by the courts to guarantee if the fiduciary themselves does not pay for the Supreme Courts costs, then the surety company will up to the $10,000 bond limit.

The goal of Jet is to be this required third party with an efficient process and with the lowest cost possible.

How Does the Application Process Work With Jet?

Jet offers a simple online application that will request basic information such as a social security number for a soft credit check. A soft credit check will not affect your credit score and only takes seconds.

Your bond can be purchased immediately online. Jet will then email you a digital copy of your bond and receipt for your records.

Does the Bond Need to Get Filed to the Arizona Supreme Court?

No, you need to hold the bond and provide notice to the Arizona Supreme Court that you have received the bond. Jet will send you the original bond form directly to you.

Should any physical forms be requested by the Supreme Court, they would be sent to the following address:

Arizona Supreme Courts Building
Certification and Licensing Division
1501 West Washington Street, Suite 104
Phoenix, Arizona 85007

Can I Cancel My Bond and Get a Refund?

To cancel your Professional Fiduciary Certification Bond, reach out to Jet via email or mail. Jet will cancel your bond upon request and send our notice of bond cancellation to the Supreme Court. Take note that there is a 30-day cancellation clause with the supreme court, meaning that the bond will stay active for 30 days after cancellation is requested.

Jet will return any unearned premium from the cancelled surety bond. For those on our monthly payment plans we will have to wait 30 days before the auto-withdrawal sequence ends as the bond is active during that time period.

How Do I Renew the Professional Fiduciary Certification Bond?

To renew your bond, no paperwork is required to be submitted. Simply provide payment to Jet and a copy of the bond with a receipt will be sent to you through mail. We will send a reminder to you well prior to the bond’s expiration date.

Should you be participating in Jet’s monthly payment plan, no renewal is required. If automatic payments keep up, the bond will remain active.

How Does a Fiduciary Avoid Bond Claims?

Professional certified fiduciaries can avoid bond claims by knowing their limitations of their legal duties and avoiding being investigated by the courts. They should also have a thorough understanding of Arizona Statutes ARS 14-5651, to ensure they are not committing any illegal actsJet has listed some prohibited acts and lawful duties below:

Lawful DutiesViolation of Fiduciary Duties
Maintaining an active surety bond or cash deposit with the ASCFailing to renew a surety bond to uphold licensure
Renewing licensure on a biennial frequencyCompromising client anonymity by releasing sensitive information to the public
Providing information in good faith during an investigation by the ASCForging client documents
Working for the best interest of the client; not pursuing self interestFailing to have easily accessible written agreements between client and the fiduciary
Attending initial and biennial training sessions prescribed by the ASC on duties of a fiduciaryAccepting bribes from a client to illegally represent them
Arizona Fiduciary Duties and Violations

Expenses incurred by court investigations and hearings as a result of a fiduciary’s violations are the responsibility of the fiduciary. A fiduciary can obtain a fiduciary liability policy to aid in the costs of defense, but that may not cover indemnifying court costs. Ultimately, the court can place a claim on the surety bond to recover up to $10,000.

What Happens If I Get a Bond Claim?

A fiduciary who receives a bond claim should contact Jet Insurance Company immediately. Send Jet any bond claim paperwork that may relate to your case, and we will conduct an investigation and unlike the Supreme Court will not charge you for this if guilty.

Should the claim be valid Jet will provide payment to the court up to the $10,000 bond limit. The fiduciary is still responsible for their actions and for the amount due to the court. The surety company, and in this case Jet, will still require repayment from the fiduciary. Jet serves as a third party to guarantee funds to the court and unlike insurance a surety bond must be paid back.

Arizona Professional Fiduciary Certification Bond Form

Notary Bond Application:

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: