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Fidelity & Surety Bonds
A bond is a financial guarantee issued by an insurance company that enables business owners or individuals to engage in certain activities.
Types of bonds may include:
- Contract bonds
- Licenses and permits
- Court bonds -conservatorships or executorships
- Employee Dishonesty
There are three types of construction contract bonds:
- Bid Bonds
- Performance Bonds
- Labor and Payment Bonds
License and Permit bonds are required when the public interest demands that certain types of business be regulated for the protection of citizens and of public and private property.
Most License and Permit bonds fall into one of the following groups:
- Regulatory
- Public Safety
- Public Protection
- Tax Bonds
A court bond is a guarantee required by law or court ruling to be filed in connection with legal procedures.
Two examples are:
- Executors Bonds
- Conservatorship Bonds
- Appeal Bonds
The commercial crime policy can provide coverage for dishonest acts for businesses or public entities when committed by employees or others.
Coverage can include:
- Employee dishonesty
- Forgery
- Loss of money and securities
- Robbery or burglary
- Computer wire transfer fraud
- Extortion