What is Bonds Insurance?

Bonds Insurance provides financial and legal insulation to protect consumers from unreliable professionals and businesses and guarantees to provide the public with financial protection against poorly run businesses.

Major Classification of Bonds

  • Surety Bond
  • Performance Bond
  • Contractor Bond
  • Judicial Bond
  • Fidelity Bond
  • Guaranty Payment Bond
  • License and Permit Bond
  • Custom Bond

Why you need this insurance

This helps you protect borrowers and enhance your credit rating in order to reduce the amount of interest that it needs to pay and make the bonds more attractive to potential investors.

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What are the parties involved in the Bonds?

1. SURETY - known as the insurer or the INSURANCE COMPANY. It is the one who issues the bond and the one who guarantees the perfomance/non performance of an obligation imposed upon the obligor.

2. OBLIGEE- knownas the beneficiary. The one who obliges the obligor/principal the performance of a particular act pursuant to a contract. The beneficiary of the bond.

3. PRINCIPAL- known as the obligor.It is the party in whise behalf the guaranty is executed or the bond issued.

What are the common contracts?

1. PRINCIPAL CONTRACT - the one entered into between the principal and the obligee and to be guaranteed by the bond.

2. SURETY BOND - the undertaking guaranteeing performance of the prime contract.

3. INDEMNITY AGREEMENT - one entered into between the principal and the surety under which the principal binds himself to hold harmless the surety from any loss arising from forfeiture of the bond. In case of default of the obligor, whatever amount the surety would shell out out as a result of a claim, he would be reimbursed for the same by the former.

What are the major classifications of Bonds?

1. Contractors Bond

· Bidders Bond

· Performance Bond

· Warranty Bond

· Downpayment Bond

· Payment Bond

2. Judicial Bond

· Attachment Bond

· Heir's Bond

· Replevin Bond

· Supersedeas Bond

3. Fidelity Bond

· Individual Fidelity Bonds

4. Guaranty Payment Bond

· Dealership Bond

· Lease Agreement

· Distributorship Bond

5. License and Permit Bond

· Importer's Bond

· Insurance Broker's Bond

· Custom Brokers Bond

· Stocks Brokers Bond

6. Custom Bond

· General Bind for Bonded Warehouse

· General Warehousing Bond.

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