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SURETY BONDS - WHAT ARE THEY:
A Surety Bond is a written agreement that usually provides for financial compensation in case the principal fails in their duties or promises. A Surety bond is a specialized type of insurance that is created whenever one party guarantees an obligation by another party.
- There are always three parties to this Suretyship agreement.
- The principal (client / you) undertakes the obligation.
- The Surety guarantees the obligation will be met.
The Obligee receives the Surety Bond and in most cases receives monetary compensation from the Surety Bond if the obligations are not met.
Surety bonds are not insurance. Surety bonds are an extension of credit. The premium charged covers the cost of providing a service. That service is the credit guarantee an individual or business requires to conduct their individual or business affairs.
What makes Surety Bonds different from insurance? The risk is transferred to the insurance company. A Suretyship guarantee remains with the principal and the protection from the bond is for the Obligee. The Surety uses its company financial backing guarantee.
There are hundreds of different types of Surety Bonds and each one has to be considered differently from the underwriters prospective. Surety cancellation clauses, term dates, cumulative liability and aggregate liability are major factors when processing a surety bond submission.
We offer
the widest selection of surety and fidelity services.
Specializing in providing Bonds to businesses and individuals
throughout the United States. If you do not see the bond you
need listed below or, your not sure which type of bond you
need please call us at 1-888-490-BOND (2663) Toll Free. You
can also fill out our instant
application and a member of staff will contact you.
Nation Wide Service
Specializing in providing Bonds to businesses
and individuals throughout the United States.
Alabama Arizona Arkansas California Colorado Connecticut Delaware
Florida Georgia Idaho Illinois Indiana Iowa Kansas Kentucky
Louisiana Maine Maryland Massachusetts Michigan Minnesota
Mississippi Missouri Montana Nebraska
Nevada New Hampshire New Jersey New Mexico New York North
Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode
Island South Carolina South Dakota Tennessee Texas Utah Vermont
Virginia Washington
West Virginia Wisconsin Wyoming
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PLEASE NOTE: The
definition is provided for informational purposes ONLY and is
not intended to serve as legal advice and is no substitute for
consulting legal counsel.
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