A fidelity bond is a form of protection
that covers policyholders for losses that
they incur as a result of fraudulent acts by specified individuals. It
usually insures a business for losses caused by the dishonest acts of its
employees.
A surety bond is a contract among at least three
parties:
The principal - the primary party who will be performing a contractual
obligation
The obligee - the party who is the recipient of the obligation, and
The surety - who ensures that the principal's obligations will be
performed.
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Alonzo & Small Insurance
±
Ric Small
1440 Military W # 202, Benicia, CA 707 746-0590
Leonard
C Huseby & Association
1832 Soscol Ave,
Napa, CA 94559-1350
226-1682
Napa Valley Insurance Svc
Barbara Holman Foerder
2407 California Blvd # 4, Napa, CA 707 252-9500 |
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Through this agreement,
the surety agrees to uphold - for the benefit of the obligee - the
contractual promises (obligations) made by the principal if the
principal fails to uphold its promises to the obligee. The contract is
formed so as to induce the obligee to contract with the principal,
i.e., to demonstrate the credibility of the principal and guarantee
performance and completion per the terms of the agreement.
There are two main categories of bond types: contract bonds and
commercial bonds. Contract bonds guarantee a specific contract.
Examples include performance, bid, supply, maintenance and subdivision
bonds. Commercial bonds guarantee per the terms of the bond form.
Examples include license & permit, union bonds, etc.
Surety bonds are also used in other situations, for example, to secure
the proper performance of fiduciary duties by persons in positions of
private or public trust. |
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Also See:
Insurance Index
Financial
Guide
Bail Bonds
Keyword Category
Index
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