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A public official bond is a guarantee that the public official will perform their duties and responsibilities faithfully. The bond is issued to protect the interests of consumers and taxpayers. Usually required by the state, the bond is an instrument by which a surety agrees to pay up to a fixed sum of money in case the officer does not faithfully execute the duties of his or her office. Continue reading Why Public Official Bonds Are Required read more

The infographic, “Facts about License and Permit Bonds”, describes all about the license and permit bonds. License and permit bonds are usually categorized as commercial bonds. They are basically a guarantee that a person or organization will perform according to the law, regulation or terms of the agreement. Please go through the given infographic to know more about the license and permit bonds. read more

There are a number of online companies that claims to offer the best surety bond quotes. Make sure to choose a surety bond agency that represents the most surety companies as they will have the most options for you. Important points when selecting a surety bond agency: Make sure that your surety broker or agent works with multiple surety companies/carriers. This will help you to find the best possible price and terms for your bond. Look for a specialist in surety bonds, versus an insurance read more

Surety bonds are used to guarantee the performance and financial responsibility of a business or person. Businesses with activities involving agricultural products may be required to be bonded by their clients or respective government authorities. If the business fails to comply with the terms and conditions of the contract or regulations, the bond will protect the harmed parties from financial loss up to full bond amount. Some of the major types of agricultural bonds are: Warehouse bo read more

An Alcoholic Beverages bond or Liquor Tax Bond is a guarantee to the obligee (usually a government entity requiring the bond) that the principal (the entity selling the alcohol) will pay all the taxes associated to the sale of alcoholic beverages. If the principal fails to fulfill their obligations as outlined in the regulations, the obligee can ask the surety company to recover the unpaid taxes. An alcoholic beverages bond is required for those who are engaged in any business involving alcoho read more

Nowadays, a large number of firms looking to work with public or private owners understand the requirement of surety bonds. A surety bond should not be confused with insurance. A surety bond is simply a guarantee that the principal (business) will perform their obligations to the obligee (project owner or government agency). In case the principal does not succeed in performing the obligations, the surety comes into the picture. Surety (insurance company) provides the financial indemnification fo read more

There are many types of surety bonds. This infographic is designed to showcase different commercial bonds available on the market. A commercial bond does not fit under the description of a construction contract bond. Some examples of the different types of commercial bonds are: License and Permit Bonds: Required by certain federal, state, or municipal governments as prerequisites to receiving a license or permit to engage in certain business activities, such as running an alcoholic beverage bu read more