An indemnity bond assures the holder of the bond, that they will be duly compensated in case of a possible loss. This bond is an agreement that protects the lender from loss if the borrower defaults on a legally binding loan. If the principal fails to fulfill the contractual obligations (agreed upon by the obligee […]
Read moreThere are many financial products that help a construction company to grow, both in the private and public sector. Two of these products, a surety bond and a line of credit, can be helpful in becoming more successful. Knowing the difference between the two can help your business to grow. Surety Bonds vs Lines of […]
Read moreThe worst outcome has happened, you have had a claim filed against your business. What to do now? As this can be a stressful time, having someone in your corner can help lift a huge weight off your shoulders. This is where a surety bond producer as your advocate can be of enormous help. A […]
Read moreThe U.S. service sector is a growing industry and has expanded over the last decade. A service industry includes any form of outsourcing, such as human resources, IT, leadership development, home cleaning services, in home personal care, etc. If a company outsources, it is important that they protect themselves from any form of negligence or fraud. […]
Read moreSurety bonds are a financial guarantee between three parties in a legally binding contract. These three parties are the obligee, the principal, and the surety. In essence, the surety guarantees payment of a specified maximum sum or compensation in case the obligee incurs any damages or loss caused by the actions (or a failure to […]
Read moreA guardianship bond is when a court appoints a person (the guardian) to take care of the affairs of another person (known as the ward). The guardian is entrusted with taking care of the ward’s personal and financial affairs. Sadly, this does not always happen. One sometimes hears of cases where a guardian abuses their power […]
Read moreAs many people may know, a surety bond is a written agreement guaranteeing the satisfactory performance of a contractual obligation. This agreement provides for monetary compensation in the event that a principal fails to accomplish the job per specifications in the bond. There are many who may confuse surety bonds with insurances. They may think […]
Read moreAlthough surety bonds are becoming more common in society, many people are not familiar with them. Yet, surety bonds are an important safeguard and/or necessity for many business owners, companies, federal and state government agencies. Bonds can play a very crucial role in business. They can protect a business and create trust when dealing with […]
Read moreIt is important to know how to avoid claims in order to protect your business. Therefore, in order to avoid claims, especially false claims, it is important to work with a surety bond producer who is knowledgeable and competent. To review, a claim is when a client makes a formal accusation against due to their assertion […]
Read moreChoosing a surety bond producer that is competent and knowledgeable could save your business a good amount of money. In past Facebook posts, we’ve briefly mentioned the benefits of choosing a surety bond producer who is knowledgeable and competent in order to make sure that you get the correct bond with all the t’s crossed and […]
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