A bond is a financial guarantee issued by an insurance company that enables business owners or individuals to engage in certain activities.
There are three types of construction contract bonds:
License and Permit bonds are required when the public interest demands that certain types of business be regulated for the protection of citizens and of public and private property.
Most License and Permit bonds fall into one of the following groups:
A court bond is a guarantee required by law or court ruling to be filed in connection with legal procedures.
Two examples are:
The commercial crime policy can provide coverage for dishonest acts for businesses or public entities when committed by employees or others.
Coverage can include: