Bonds and surety

Commercial surety bonds

Licence and Miscellaneous Surety Bonds

Government regulatory authorities and some businesses require that a bond be posted before they will grant permission, usually in the form of a license, to engage in the activities they regulate. The intent is that the applicant will honour his commitments rather than risk personal monetary loss by forfeiting the money represented by the bond.

Administration or Fiduciary Bonds

Administration Bonds are required when the court appoints an administrator to administer the estate when an individual dies without leaving a will. The court may claim under the bond if the estate is not administered according to law.

Lost-Securities Bonds

A Lost-Securities Bond enables a person to secure duplicates of valuable documents that have been mislaid, stolen, or destroyed by such causes as fire, by presenting this bond to the life insurance company, bank or industrial concern who originally issued the lost document.

Service Bonds

Service Bonds cover situations where a business owner (Principal) is required to provide a bond to a 3rd party (Obligee) guaranteeing performance of services without loss to that 3rd party through dishonest or criminal acts committed by the Principal or employees.