Bonds may be a financial guarantee or a guarantee of performance. They may be mandated by state statute, court ordered, or by a municipality to obtain a license. There are two main types of bonds:
Surety Bonds are written agreements used to guarantee specified obligation(s) from one party (known as the Principal) to another party (known as the Obligee).
Surety bonds include license and permit bonds used by municipalities or other public organizations to indemnify them against a breach of contract in regard to license permit issued, and contract bonds to guarantee the performance of a contract. Court bonds are required of participants in a lawsuit permitting them to pursue certain remedies in the courts.
Fidelity Bonds reimburses an employer for a loss as a result of dishonest acts of their employees. They may be written on a blanket, named individual or scheduled position(s) basis.
Bonds require underwriting using financial information and indemnification prior to issuance.
Here a few of the bonds our agency writes:
- Public Official