Bonds are to provide a financial guarantee. Get your Bond coverage today.
a three-party agreement in which the insurer undertakes to cover losses resulting from criminal conduct (e.g., fidelity bonds) or the failure to fulfill a certain act (e.g., performance or surety bonds). The obligor (the party who pays the bond premium) is also known as the principle (i.e., the party with the obligation to perform). In the event of a default, the surety (i.e., the insurance) compensates the third-party damage (the obligee). After then, the obligor must reimburse the surety for the loss incurred.
A surety bond’s cost (known as the premium) is determined by a variety of criteria, including the bond type, duration of coverage, risk, the principal’s credit score and past claims history, financial resources, and other considerations. The premium for a surety bond can vary depending on this information.
Surety bond standards are set by each state and its regulatory agencies. If a bond is required, the obligee will advise you of the bond type and amount of coverage.
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