BONDS

/Bonds

WHAT IS A SURETY BOND?

A Surety Bond protects against malpractice and fraud.  Most surety bonds are considered a three-party contract between the principal (business owner or other professional), the obligee (consumer or government entity) and the issuer (the surety).  The bond is a financial guarantee that the principal will always act in accordance with laws, with integrity, honesty and financial responsibility, and act in compliance with the mutual terms of a contract.  The bond will cover any damages or losses when the contract is not completed according to terms.

What types of Surety Bonds are available?

The most common types of Surety Bonds are:

  • Contract Bonds
  • Commercial Bonds
  • Court Bonds
  • Fidelity Bonds
  • Miscellaneous Bonds

Contract bonds guarantee the performance of a written contract according to its mutual terms and conditions. Types of contract bonds include:

  • Bid Bonds
  • Performance Bonds
  • Payments Bonds

Commercial bonds are required by law or regulation.  These types of bonds include:

  • License and Permit Bonds
  • Public Official Bonds
  • Notary Bonds
  • Federal Bonds

Court bonds guarantee that a person or entity involved in a court case will faithfully perform their legal duties and be financially responsible for the benefit of another until a conclusion in the case can be reached.  These type of bonds include:

  • Probate Bonds
  • Bankruptcy Bonds
  • Equity Bonds

Fidelity bonds protect you and your customers specifically against:

  • Employee theft, negligence and dishonesty

Miscellaneous bonds do not fit into the usual category and include:

  • Union Wage and Welfare
  • Utility Payment Guarantees
  • Lost Security/Lost Instruments

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2018-09-16T15:27:57+00:00