What are the type of sureties?

Answer 1

The primary form of surety companies in the U.S. is the corporate surety. These corporations often include surety as one of its insurance divisions. Corporate sureties are regulated by the states that they are incorporated in, plus the states in which they are licensed to do business.

These corporate sureties will have ratings from AM Best along with being listed on the U.S. Treasury list.

There is a form of individual (personal) surety that was allowed in a very old federal law. Any firm operating as an individual surety is required to post specific assets for each bond. There has been in the past a very large amount of abuse by these organizations and one should be wary when approached by an individual surety provider.

Answer 2

The majority of sureties in the United States are corporate. They are licensed and regulated by insurance commissioners in the various states that they operate.

There is such a thing as a personal surety. This relates to a law hundreds of years old that allowed an individual to post specific collateral as surety. These are essentially unregulated forms of surety.

If you question relates to the types of surety bonds then 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 wage & welfare bonds, etc