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Summit offers some of the best protection for their customers in the exchange industry:
BONDING
Without a bonding guarantee, the exchanger may risk possible mishandling of funds or theft by the Intermediary. Bonding is often difficult to obtain and many intermediaries practice without it. Summit was one of the ten original Federation of Exchange Accommodators (FEA) members to qualify for a bonding program that was the first of its kind offered to the industry. Summit continues to be bonded through the FEA's Fidelity Bond Program.
ERRORS & OMISSIONS
Errors & Omissions Insurance is professional liability insurance that protects the exchanger against mistakes that may be made in their documents which could cause tax to be owed. As professional CPAs, Summit's principals carry errors and omissions insurance through Everest National Insurance Company.
SECURITY OF EXCHANGE FUNDS
Exchange proceeds are held in secure accounts of major banks or invested in U.S. Government-backed Treasury securities. Furthermore, Summit 1031 Exchange Inc. is bonded under a program specifically designed for exchange intermediaries.
PROFESSIONALLY LICENSED
Summit is owned by CPAs and they maintain their professional licenses. Therefore, Summit must meet all the same ethics and privacy requirements as CPA's. In addition, our CPAs are required to complete a required amount of continuing education each year to renew their licenses, so you know they stay current on all the tax code changes.
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