Surety Bond – A surety bond (or surety ) is a promise by a surety or guarantor to pay one party a certain amount if a second party fails to meet some agreed to obligation, generally fulfilling the terms of a contract. The surety bond protects against losses resulting from the failure to meet the obligation. There are many types of bonds for a multitude of obligations and contractual situation. Construction, permits, licensee, court mandated, public officials are some general broad categories. Bbecause this type of bond is an unsecured credit instrument that will pay for non-performance of an obligation, surety bond underwriting is reliant upon your personal creditworthiness.
Fidelity Bonds – Can be blanket or scheduled to a specific person, position or place. Covers losses of a business caused by the dishonesty of people employed. Fraudulent acts of specific persons and for specified limits. Fidelity bonds are a form of insurance purchased to cover a negligent or dishonest activity.
Call to get a bond for your specific needs, 714-258-2800, or 888-725-7776.