If you are working on getting a surety bond, you will likely be asked to sign an indemnity agreement. The surety requires that the obligee pay the surety back from loss.
How is a surety bond like a loan? When qualifying for a surety bond, for many, the surety will run your credit report to find a financial responsibility score.
With Nonstatutory bonds, private sector entities require a bond be obtained. They could be a private business or even an individual.
Statutory Bonds are surety bonds that are being required by municipal ordinance, federal/state regulation or statute.
People, businesses and governmental entities transfer risk with surety bonds. Seaman’s Insurance Group is your premier boutique independent surety bond and insurance agency.