What is a Surety Bond?
Suretyship is a three-party agreement between a Principal (contractor, public official, fiduciary, notary ) a Surety (CNA Surety) and an Obligee (governmental body, owner ). Using a written Bond agreement, the surety, CNA, agrees to guarantee the commitments of the principal to the obligee. Commitments may be to perform a service or to comply with or required by statute, regulation, code or other agreement/ obligation to complete the contract. The bond is a credit relationship – it is NOT an insurance policy.
There are many instances where a surety bond is required. Usually when the public has a vested interest or tax dollars are being used to fund the project. For example; a contractor awarded a project, or if required by law to have a license or permit to conduct business, they will likely require a bond. Newly Elected officials need a bond to guarantee that they will faithfully perform the duties of the office. Litigation proceedings often require a bond, as do court appointments of a fiduciary to handle affairs of another person.
CNA Surety as one of the oldest and established bonding companies
offers many types of Surety Bonds:
Contract Bonds
- Bid Bonds
- Payment & Performance Bonds
- Maintenance Bonds
License and Permit Bonds
- Auctioneer Bond
- Real Estate Broker Bond
- Gasoline Tax Bond
- Liquor/ Beer Bond
- Home Improvement Bond
- Electrician Bond
- Plumbers Bond
- Fuel Dealer Bond
- Motor Vehicle Dealers Bond
Public Official Bond
- Tax Collector Bond
- Notary Public Bond
- Constable Bond
- Sheriff or Deputy Sheriff Bond
- Treasurer – State, County, City, School Bond
- Clerk of Court Bond
Plaintiff Court Bonds
- Attachment Bond
- Cost Bond
- Garnishment Bond
- Injunction or Restraining Order
- Claim or Delivery
- Sequestration
- Replevin
Fiduciary or Probate Bonds
- Probate/ Nominal Bond
- Administrator Bond
- Guardian Bond
- Trustee Bond
Federal & Miscellaneous Bonds
- DEMPOS Bonds (Durable Medical Equipment, Prosthetics, Orthotics, and Supplies)
- ARC Bonds
- Lost Instrument Bond
- Utility Payment
- Wage & Payment Bond
To obtain a bond, you may need to provide:
- Business financial Statements
- Personal financial statements
- Credit authorization
- Contractor’s profile
- Application
To find out more about these, as well as other products and services, call Rider Insurance at (410) 828-1555 office, (888) 617-4337 toll free and we’ll help make sure you’re properly covered.
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