Bonds/Surety
Commercial Surety Bonds
Licence and Miscellaneous Surety Bonds
Government regulatory authorities and some businesses require that a bond be posted before granting permission, usually in the form of a licence, to engage in the activities they regulate. The intent is that the applicant will honour his or her commitments rather than risk personal monetary loss by forfeiting the money represented by the bond.
Service Bonds
Service bonds cover situations where a business owner (principal) is required to provide a bond to a third party (obligee) guaranteeing performance of services without loss to that third party through dishonest or criminal acts committed by the principal or its employees.
Administration or Fiduciary Bonds
Administration and fiduciary bonds are required when the court appoints a representative to administer the estate when an individual dies without leaving a will. A bond is also required when the court appoints a representative to administer the trust of an infant and when the court appoints an administrator to administer the affairs of a mentally incompetent, dependant adult.
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 the bond to the life insurance company, bank or industrial concern, who originally issued the lost document.