Personal Surety Bonds surety bonds

It’s About Personal Responsibility

Surety bonds are different than insurance. They are contractual agreements designed to protect and ensure your transaction is met with honesty, integrity and financial responsibility.

Information and/or definitions for generic insurance products are provided by Nationwide Insurance Company and do not represent a particular offering of coverage.

Types of surety bonds include:

Judicial Bonds: Judicial bonds, or court bonds, ensure protection from a possible loss exacted in court proceedings. Various judicial bonds exist including:

  • Cost Bonds
  • Plaintiff Bonds
  • Attachment Bonds
  • Replevin Bonds

Fidelity Bonds: Fidelity bonds protect against loss from theft or fraud. If you have someone else handling your assets, the loss from a dishonest or fraudulent act can hurt you or those who rely upon you or your business. A fidelity bond is a level of protection beyond careful screening and supervision.

Fiduciary Bonds: These are another category of judicial bonds, required by the court of a fiduciary to protect any interested parties from loss resulting from any failure of the fiduciary to faithfully perform the duties and obligations required of them by law. Examples of fiduciary bonds include:

  • Administrator Bonds
  • Executor Bonds
  • Conservator Bonds

How are surety bonds different than an insurance policy?

Surety bonds are different than an insurance policy because the beneficiary is a third party, with the Surety almost always being the insurance company. As long as the Principal performs, the Surety does not have to pay.

William Cochran Bray

William Cochran Bray

Senior Vice President/Risk and Insurance

Location: Spirit Lake Insurance Office

Phone: (712) 336-5090

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