Surety1 Helps You Protect the Vulnerable
Surety1 is committed to providing reliable service to our clients. We know that you feel the same way about protecting the assets of those clients who aren’t able to manage their own finances or their Social Security and SSI payments. We commend you for taking on this important role.
What is a Social Security Administration Rep Payee Bond and why do I need one?
If you are interested in a role with the Social Security Administration (SSA) Representative Payment Program as a representative payee, you are required to obtain a Social Security Administration Rep Payee Bond.
Because representatives manage the Social Security and SSI payments for beneficiaries who are incapable of handling their own affairs, the Federal Government has put protections in place for the beneficiaries involved. Representative payees are often family members or friends, but they can also be qualified organizations who usually represent more than one beneficiary.
The surety bond will protect the beneficiaries from any wrongdoing on your part or by part of your organization. If there is a claim placed on your bond and you are found at fault, the surety company will pay out. You will have to pay the surety company back, but they provide immediate assistance in the event that a claim is filed.
How do I get a Social Security Administration Rep Payee Bond and how much does it cost?
You must provide the Social Security Administration with a list of beneficiaries you serve or are going to serve and whether you charge fees for these services. You must also provide them with the bond in question, which covers theft or embezzlement or theft by officers/owners and employees of your organization. The SSA will be listed as the insured party. Read more about the SSA requirements by clicking here.
According to the SSA, “the minimum amount of the bond must equal the amount of the beneficiaries’ conserved funds on hand plus the average monthly amount of social security payments received by the organization.” Because of this, the cost varies for different bonds.
A Social Security Administration Rep Payee Bond is fairly easy to obtain, and Surety1 has access to 18 markets.
Apply now! Fill out our application form and Surety1 will get back to you quickly with a firm quote for your Social Security Administration Rep Payee Bond. Once you provide payment and your signed agreement, you will receive your bond!