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What is Surety Bond Insurance?

Surety bonds, or surety bond insurance, is an agreement made between three parties. This agreement legally binds the principal who needs the bond with an obligee who requires the bond, and the surety bond insurance companies that will sell the bond. The bond guarantees the principal will act in accordance with certain laws and if the principal fails to perform in this manner, the bond will cover resulting damages or losses.

Although they often go unnoticed, surety bonds play a major role in countless industries. A surety bond example would be a construction contractor or mortgage broker looking to finance their next project. While surety bonds are very common, their exact purpose can still be confusing, and even those required by law to be bonded frequently misunderstand surety bonds and how they work.

Industries where you are required to get a general surety bond will expect that you are able to abide by the terms of the bond. If you fail to abide by those terms, a bond claim is made - which can be a costly endeavor for a few reasons. When it comes to surety bond claims, you are expected to pay every expense of the claim, including legal costs.

The surety insurance company providing your bond is saying you are in a strong enough financial position to cover any claims that may arise. If the surety is wrong and payment cannot be collected from you directly or through the courts, they are ultimately responsible for the costs. For this reason, bonds are underwritten based on the potential of a principal causing a claim, as well as the ability of the principal to repay a claim in the future.

How Do Surety Bonds Work?

Surety bonds are legally binding contracts that ensure obligations will be met between three parties:

    1. The principal: whoever needs the bond
    1. The obligee: the one requiring the bond
    1. The surety: the surety bond insurance company guaranteeing the principal can fulfill the obligation

Surety bonds work as a form of insurance. If the bond's requirements are not met, such as not performing contracted work or failing to pay suppliers or vendors, a claim may be filed against the bond. Think of a surety bond as a form of credit to the principal. Whether claims or made by the public or the obligee, they must be repaid by the principal to the surety.

Although the surety backs the bond, you are required to sign an indemnity agreement. This is also known as a general agreement of indemnity, and it includes your business and all owners.

Indemnity agreements pledge your corporate and personal assets to reimburse the surety for any claim(s) and legal costs that may arise.

No matter what type of surety bond you need - we've got you covered!


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