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Please contact Tina Marsh with any bond related questions or needs.
Tina Marsh, CISR
What is a Surety Bond?
A surety bond is a three-party written agreement to guarantee compliance, payment, or performance of an act.
• The Principal purchases the bond and agrees to perform an act as promised.
• The Surety guarantees the principal's obligation will be performed.
• The Obligee receives the benefit of the bond (often a government organization).
Probate bonds guarantee the duties of guardians, administrators, trustees, and executors. These bonds are required for minors, the estate of deceased persons, and incompetent persons. Probate bonds provide a guarantee to the courts and the heirs of an estate that assets are properly managed and the court probate process is administered in accordance with legal requirements.
A person or entity legally vested with the right of administration of an estate.
A person, official, or entity designated to take over and protect the interest of an incompetent or minor.
Contract bonds (sometimes called construction bonds) are surety bonds required to guarantee that a contractor will abide by the specifications of a construction job or contract. The bond ensures to the project owner that the contractor will perform the work and pay specified subcontractors, laborers and material suppliers. Surety Bonds Direct is a leading provider of contract bonds nationwide. To learn more about our easy application process, please select the specific type of contract bond needed from the following:• Bid Bond • Performance Bond • Payment Bond • Supply Bond • Maintenance Bond • Subdivision Bond • Site Improvement Bond
Bonds designed to protect against dishonesty. Generally, the bond protects against dishonesty of employees. These bonds cover losses arising from employee dishonesty and indemnify the principal for losses caused by the dishonest actions of its employees.
Bonds which protect against dishonest accountings and a lack of faithful performance of duties by administrators, trustees, guardians, executors, and other fiduciaries. Fiduciary bonds, often referred to as probate bonds, are required by statutes, courts, or legal documents for the protection of those on whose behalf a fiduciary acts. They are needed under a variety of circumstances, including the administration of an estate and the management of affairs of a trust or a ward.