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Surety

Surety is an age-old form of legal contract and has a well-documented history in commercial and personal transactions around the world.

Surety vs. Insurance

A surety bond is a three-party agreement among a surety, and obligee, and a principal, whereas insurance is a two-party agreement between an insurer and an insured.

The premium for a surety bond is calculated as a fee for a prequalification service and is related to the type and dollar value of the contract being guaranteed, whereas insurance policy premiums are based on the insurance company's statistical data which show that it will incur a certain number of claims for losses during the term of the policies.

In the event that a surety company is required to pay claims arising from a bond, the surety will expect to be fully reimbursed by the principal under the Indemnity Agreement for such payment, whereas no such expectation or requirement exists when an insurer pays claims for insured losses.

What is Commercial Surety Bonding?

Commercial surety guarantees the performance, compliance and contractual obligations of the applicant (principal).

• Custom & Excise Bonds
• Licence & Permit Bonds
• Fiduciary Bonds
• Lost Instrument Bonds
• Waiver of Probate Bonds
• Carnet Bonds
• Various Canadian Special Bonds
• Various USA Bonds