Bonds
Many types of bonds are sold by insurers to meet individual and corporate needs. An individual may need a bond to serve in a capacity such as an administrator. Corporations may need license and permit bonds required by local, state or federal statutes.
Contractors may be required to post surety bonds guaranteeing their performance on a particular job.
Many situations which involve a fiduciary relationship between two parties require bonds which deal with one or the other’s actions.
Bond underwriting is generally a different process than property or liability insurance underwriting. The financial strength, character, and capacity of the firm or person to be bonded usually determine whether or not a bond will be issued.
