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.
Basics of Surety Bonds: A Surety Bond is a risk transfer tool. Risk managers use surety to handle some potential loss exposures. Contact us today!