0
Usually one surety company can take the risk but sometimes the risk is so large that more than one surety might be required by the obligee (the entity requiring the bond) or let's say I furnish a surety bond for a minor's estate and the estate grows in value and the first surety either cannot or does not want to provide another bond. In that case I am confident the obligee would accept a bond from another surety company.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
What is a christian acronym for TRUST?
true reliance, and undeniable surety together.
What is a Another word for bail?
security, surety, bond, payment and financial guarantee.
What is the definition of bail?
Bail is the property or money given as surety that a person released from custody will return at an appointed time.
What does surety mean?
Surety means the providing a guarantee or assurance to perform. Surety bonds originated hundreds of years ago as a mechanism through which trade over long distance could be encouraged. They are frequently used in the construction industry: in order to obtain a contract to build the project, the general contractor (and often the sub-contractors as well) must provide the owner a bond for its performance of the terms of the contract. Conversely, owners and contractors may also provide payment bonds to ensure that subcontractors and suppliers are paid for work done. Under the Miller Act, payment and performance bonds are required for general contractors on all U.S. federal government construction projects where the contract price exceeds $100,000.00. 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.
What is the correct spelling co-lessee or co-leasee?
co-lessee
What is a Statement of bonding limit from surety co?
To state the maximum outstanding amount that a surety co. can give.
Does a surety bond require a co signer?
No. A surety bond does not require one have a co-signer although depending on the purchasers credit score and financial background a co-signer could be necessary.
How many suretys are needed on a bond?
Only one surety is required in a surety bond agreement. However, it is possible to have more than one surety on a single bond. This is known as "co-surety" and typically involves large government projects.
When were surety bonds formed?
Surety bonds have been around since ancient times, with historical records dating back to ancient Rome. Modern surety bonds as we know them today began to be used in the United States in the late 19th century to guarantee the performance of various types of contracts.
Who is the industry leader in surety insurance?
Of the companies which primarily provide surety insurance, the industry leaders include Travelers Surety and Casualty Co. of Hartford, Connecticut, whose 200,000 employees generated $27 billion in sales for 1998
What is Co-Surety?
Usually one surety company can take the risk but sometimes the risk is so large that more than one surety might be required by the obligee (the entity requiring the bond) or let's say I furnish a surety bond for a minor's estate and the estate grows in value and the first surety either cannot or does not want to provide another bond. In that case I am confident the obligee would accept a bond from another surety company.
Has anyone had anything to do with South sea surety and insurance co?
They are fraudulent and do not pay. Search Efren O Docena
What is a surety agent?
A surety agent is a licensed insurance agent that has experience and represents surety companies. The surety agent is able to solict and place surety bond requests.
How to become a surety agents?
You need to have an insurance license to transact surety. Then, you would need to establish experience in the field of surety either by working for a surety company or surety agency.
Who completes the consent of surety form?
The consent of surety form is typically completed by the individual or business entity agreeing to act as the surety or guarantor for the obligations of another party. The form serves as a formal agreement outlining the surety's responsibilities and obligations in case the primary party fails to fulfill their obligations.
What are surety benefits?
If you are asking what are the benefits built into a surety bond then the answer is the surety bond guarantees a specific performance or amount up to the penalty amount of the bond. If you are asking what the benefits of surety are then surety provides the recipient of the surety bond a level of assurance that the person or business entity providing the bond is qualified to perform the required act. This is accomplished by the surety's investigation of the Principal and evidenced by their agreement to issue the surety bond that encumbers the surety to the amount of the bond's penalty.
where can i buy a surety bond?
where can i buy a surety bond
