Looking for an insurance policy that will ensure all contractual obligations are fulfilled? A Bond provides a financial guarantee that a contractor, fiduciary, public official or other person/entity will fulfill their contractual obligations. At Danskin, we represent many surety companies and can help you get the particular kind of bond you need.
A surety bond is a reverse insurance policy issued by a verified entity (the surety) on behalf of a second party (the principal). It guarantees that the second party will fulfill any obligation or series of obligations to a third party (obligee).
At Danskin, we can help you with many types of Surety Bonds:
Contract Bonds: often used by the construction industry in contracts involving a project owner (obligee) and a general contractor (principal), wherein the surety ensures the contractor adheres to the provisions of a contract. Some types include Bid Bonds, Performance Bonds, Payment Bonds and Maintenance Bonds
- License and Permit Bonds: a guarantee from a Surety to a government and its constituents (obligee) that a company (principal) will comply with all statutes, state laws, municipal ordinances, and/or regulations
- Public official bonds: assure honest and faithful practices of elected or appointed members of government
- Commercial bonds: various other bonds for manufacturers, wholesalers, retailers and non-profits that enter into contracts to supply or install specific products or provide specific services for another entity
A fiduciary bond guarantees that a court-appointed executor or guardian performs properly and does not misuse the funds. A fiduciary bond is required by the court to protect the person for whom the fiduciary is acting, such as an estate or disabled person. A fiduciary's responsibilities could range from managing an estate to giving financial advice.
Some examples of different types of fiduciary bonds include bonds for administrators, executors, guardians, trustees of a will, liquidators, receivers, and masters. Judicial proceedings court bonds include injunction, appeal, indemnity to sheriff, mechanic’s lien, attachment, replevin and admiralty.
Fidelity bonds protect business owners from losses caused by the dishonest acts of employees or partners regarding money, securities or property. As unlikely as it may seem in your business, this kind of “insider” stealing occurs every day. In the unfortunate event that this happens to your business, a fidelity bond would protect you from any financial burden associated with the loss.