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Commercial Surety Bonds fall into several categories including License Surety Bonds, Permit Surety Bonds, and other miscellaneous bond types. When you work with municipalities, counties, city, or the state, License and Permit Surety bonds are required.
Miscellaneous Surety Bonds are a much broader category for bonds that do not fall within the confines of the three other categories. Most miscellaneous surety bonds provide a financial guarantee or other form of guarantee in the event of default.
Commercial Surety Bonds
Court - Fiduciary/Probate bonds
For executors, trustees, administrators, and guardians.
Court - Litigant - Plaintiff & defendant court bonds.
Examples: injunction, replevin, appeal and release of lien
License and Permit Bonds
Bonds required by statue such as contractor license, reclamation, customs road use and tax bonds
Miscellaneous bonds
Public official, ERISA and fidelity
Critical Steps in Securing a Commercial Bond
- Current period fiscal year-end financial statement prepared by a certified public accountant.
- Schedule of existing bonds
- Background on organization
- Current personal financial statement for all owners of the company.
