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6 years ago · by · 0 comments

Surety and Fidelity Bonds

In the 35 years we’ve been writing surety and fidelity bonds, we’ve encountered a lot of misconceptions about what they are and what they do. The short of it is that a surety bond is a financial guarantee made between the purchaser of the bond (AKA the principal), the bonding company (guarantor), and the entity requiring the bond (obligee).

In the way that the bonding company is agreeing to pay for a specified potential financial loss, it is similar to insurance.  The difference is that the principal would be obligated to pay them back any amount of money claimed by the obligee.

Can you imagine if, after every accident or minor Comprehensive claim you filed with your car insurance, you had to pay the company back all of what they spent repairing the damage?

For this reason it is sometimes difficult to be approved for large bonds, depending on whether the bonding company deems you, the principal, capable of reimbursing them.

We are happy to provide most types of surety and fidelity bonds, except bail.

For more information about business collaborations and same-day delivery on many types of bonds, email Sean or call (520) 327-6534 between 9-5 Arizona-time.  Exact price quotes are available upon request.

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