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Surety bonds are usually required by law or convention as part of a license, registration or contract bid. These bonds are a form of insurance and can only be sold by licensed insurance agents. A bonding agency will be an insurance agency that provide business with the bonds they need.
Surety bonds provide a guarantee that the bond buyer will meet certain financial requirements. Some professions or types of business licenses require the owner or company to purchase a bond. Construction companies use bid and performance bonds to guarantee that the contracts they will be completed according to the contract specifications. Probate Courts require bonds to show the financial ability to meet court-mandated payments or other requirements. Public officials such as judges and tax collectors may also be required by state law to buy a bond.
A probate bond is essentially the same as an estate bond, executor bond, or fiduciary bond. When a person dies, usually a will is left. The probate bond, purchased by the will executor, ensures that the wishes of the deceased as expressed in the will are carried out ethically and honestly. Probate is the court-supervised process of gathering the deceased person’s assets, paying debts and taxes, and distributing what’s left to inheritors. Unless family members or creditors are fighting, there’s very little court supervision. Mostly, probate is paperwork.
The Bond Agency writes all types of Fidelity Bonds (also know as Dishonesty Bonds) for all types of businesses. These bonds protect a business against theft by employees. In many cases a Fidelity Bond can be written to provide coverage to a third party (i.e. customers of the business). Business Service Bonds / Janitorial Service Bonds are examples of bonds that extend third party coverage. If you are a janitorial service company and you wish to obtain third party Fidelity coverage to protect your customers, select the Business Services Bond. We also write standard Fidelity Bonds for businesses. We have applications for bond limits below $500,000 as well as above $500,000. Business Services Bond. Required of small businesses such as janitorial services and home health care services, or any business that provides their service inside of another premises. ERISA Bonds. Bonds required to comply with Federal Statutes governing 401(k) and other retirement accounts.
We write all types of License & Permit Bonds for businesses and individuals. For example… Plumbers & Electricians License bonds, Contractors License bonds, Auto Dealer & Mortgage Brokers Bonds, and many, many more! These bonds guarantee that the Principal will perform their obligations under the license or permit. A bond issued by a us guarantees to the Owner (Obligee) that the Contractor (Principal) will complete the work in accordance with the contract. These Bonds are typically issued for an amount equal to the contract amount. The contract is referenced in the performance bond and the performance bond guarantees every line and every word of the contract.
A Notary bond is a financial guarantee Notaries purchase from a surety company. The bond ensures that, as a Notary, you will fulfill all obligations to protect the public from financial harm resulting from any wrongdoing on your part when performing notarial duties The purpose of a notary bond–surety bond–is to protect the public in case of financial damages that are caused by incorrect notarization. In other words, in the rare event a notary commits fraud or malpractice that could result in a client's financial loss, the notary bond will protect that client. Your state-required Notary Bond protects the public. Notary E&O Insurance protects you.Read More...
Final expense insurance is a type of whole life insurance designed to cover medical bills and funeral expenses when you pass. A final expense policy is also known as burial or funeral insurance and is popular with seniors.