Mecklenburg County ABC Board Fintech Financial Guarantee Bond

Mecklenburg County ABC Board Fintech Financial Guarantee Bond

Mixed beverage permittees in North Carolina are required to obtain a Financial Guarantee Bond through the Mecklenburg County Alcoholic Beverage Control (ABC) Board when using Fintech as a method of payment. The surety bond is an agreement, provided by Jet, that ensures the permittee will complete payment owed for the purchase of alcoholic beverages to the ABC Board through Fintech.

PURCHASE MECKLENBURG COUNTY FINANCIAL GUARANTEE BOND

Buying your bond with Jet not only fulfills the requirements of the Mecklenburg ABC Board, but gives you Jet’s support against invalid claims.

What Is the Lowest Price for the Financial Guarantee Bond? 

The cost of a Financial Guarantee Bond starts as low as $10 a month or $100 a year. Rates may vary and are evaluated on a case-by-case basis depending on factors such as the bond limit required and the applicant’s personal credit score. The chart below shows preferred credit ratings at different bond limits. 

Bond TermCost
Monthly$10
1 Year$100
2 Years$175
3 Years$250
Mecklenburg County Financial Guarantee Bond Pricing

When you apply with Jet, you are working directly with the insurance company. Jet does not use middlemen who will influence rates for their benefit by adding broker fees. 

Why Is the Financial Guarantee Bond Required?

The Financial Guarantee Bond is needed as a permit requirement for businesses who sell mixed beverages and use Fintech as a method of payment for alcoholic beverages purchased from Mecklenburg County ABC Board stores. The Board takes any profits from alcohol sales and divides them amongst local governments for the benefit of the citizens of Mecklenburg County.

How Does the Application Process Work With Jet?

Applying with Jet for a Financial Guarantee Bond takes less than five minutes! The application will only ask necessary questions, like the required bond limit and basic business information. Since the rate is also based on personal credit, submitting your social security number for a soft credit check (not a hard pull!) is required. Once the application has been completed, you will either receive a rate that is ready to purchase right away or a short review will be done by a Jet underwriter. Usually, higher limits will need further review and you will receive an approved rate by email for online purchase.

Can Jet File the Financial Guarantee Bond For Me?

Yes, Jet will complete the Financial Guarantee Bond form after purchase with a surety signature and seal and send the bond to the Mecklenburg County ABC Board.

You can choose to have the original bond mailed to you to submit with other documents at an address indicated during the application process. Once all documents have been prepared, they should be mailed to:

Mecklenburg County ABC Board
3333 North Tryon Street
Charlotte, NC 28206

Can I Cancel My Financial Guarantee Bond and Get a Refund?

Yes! With Jet, an early cancellation of a term that has already been paid for will often result in a refund. Jet will take any time that is left on the bond and return the unearned premium to you. Once you request written cancellation, via mail or email, Jet will notify the ABC Board in Mecklenburg who will keep the bond in effect for another 60 days. This time will be included in the time your bond is active and will be counted against your refund. 

Cancellation of monthly payments will result in Jet notifying the Board right away, but the Board will still keep the bond in effect for the additional 60 days. To account for this added liability, one or two payments may be required prior to the discontinuance of payments.

How to Renew the Financial Guarantee Bond

The Financial Guarantee Bond must be active during the course of your permit and while you use Fintech payments for the purchase of alcoholic beverages from the Board. When the bond is nearing its end, Jet will send you mailed and emailed notices ahead of time. If your bond limit has not changed, you can pay the renewal premium electronically or through the mail. If there has been a change, simply notify Jet and new rates will be provided for the required coverage. 

For monthly payments, you will receive a notice to verify the bond limit for the upcoming term. Through the notice, you can indicate any necessary changes to Jet. If you fail to notify Jet of changes to your bond limit, your bond will not be in the appropriate coverage amount and may lead to permit complications.

How to Avoid Financial Guarantee Bond Claims

The Financial Guarantee Bond acts as a protection for the Mecklenburg ABC Board from not receiving payments for alcoholic beverages that have been sold to mixed beverage permittees. To avoid claims on the bond, you must fulfill the payment medium agreement that was entered into with Fintech.

What Happens If I Get a Financial Guarantee Bond Claim?

If a claim gets filed against the Financial Guarantee Bond, Jet will investigate to determine the validity of the claim. If you are found in violation of the provisions of the bond, Jet will pay the claim up to the full limit of the bond. However, you are still obligated to reimburse Jet in the amount that was paid out to recover the bond to the full limit. Failure to repay a claim will result in future difficulties obtaining the Financial Guarantee Bond needed to hold a permit.

Mecklenburg County ABC Board Fintech Financial Guarantee Bond Form

Notary Bond Application:

X

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:

X

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:

X

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: