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3 Cyber Threats Manufacturers are Facing
Cyber attacks targeting businesses, especially manufacturing and the supply chain, have become increasingly complex, and the stakes have never been higher. Hackers have started to move from selling stolen data towards holding data ransom, and manufacturers have become popular targets because they cannot afford to be shut down […]
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The Complete Guide to Worker’s Compensation
For whatever reason I can’t explain Worker’s Compensation seems to be both a mystery to some and a done deal with others. Those are flawed ideologies. At its core Worker’s Compensation is one of the most predictable and manageable coverages a business will have. From a straightforward formula […]
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Why Do My Contracts Require Me to Add Waiver of Subrogation?
When you are asked for a certificate of insurance, it’s very likely that you’ve been asked to include Waiver of Subrogation. Do you really understand what this means for your business? Some business owners don’t. In this article we help clear up some of the confusion. What is […]
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Frequently Asked Questions
A bond in layman's terms is a way to secure a debt.
It is a way of you the consumer, being able to put up a little cost upfront that says “I am letting you borrow this money so as to your agreement to pay the face value of the said bond if ever needed”. In the real world, bonds can be issued by a government, municipality, corporation, federal agency, and other entities.
A surety bond is a contract between three parties. The person who is the recipient of an obligation, the primary party who will perform the contractual obligation and the person who assures the obligation will be done.
These bonds are a type of surety bond. They provide a proof and guarantee of ownership to the Department of Motor Vehicles. When no other form of documentation is available a Lost Title Bond shows the DMV that you are the “owner” of said vehicle.
Contractor bonds are one of the most “popular” bonds you will see asked for in the insurance space. Contract bonds are used in the construction industry by general contractors. They are a guarantee to a project’s owner that the general contractor will adhere to the contract put in place.
These types of bonds function as a guarantee to a government entity that a company will comply with a statute, state law, ordinance, etc.
Some examples are but not limited to:
- Contractors License Bonds
- Tax Bond
- Environmental Bonds
- Broker’s Bonds
- Motor Vehicle Dealer Bonds
- ERISA Bonds
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This is FAQ answer. Click to edit this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.