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.
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.
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.
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.
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.
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.
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
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.
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.
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 Duties||Violation of Fiduciary Duties|
|Maintaining an active surety bond or cash deposit with the ASC||Failing to renew a surety bond to uphold licensure|
|Renewing licensure on a biennial frequency||Compromising client anonymity by releasing sensitive information to the public|
|Providing information in good faith during an investigation by the ASC||Forging client documents|
|Working for the best interest of the client; not pursuing self interest||Failing 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 fiduciary||Accepting bribes from a client to illegally represent them|
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.
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.