Commercial Insurance

In the context of a surety bond, liability is distributed among three parties, but the primary responsibility for a claim falls on the principal:

1. Principal: This is the individual or business that purchases the surety bond. The principal is the party responsible for fulfilling the obligations outlined in the bond agreement. If a claim is filed against the bond (due to the principal's failure to meet contractual, legal, or regulatory obligations), the principal is ultimately liable for paying back any amounts that are paid out.
2. Obligee: This is the party that requires the surety bond (typically a government agency, contractor, or project owner). The obligee is protected by the bond and can file a claim against it if the principal fails to meet the agreed-upon obligations.
3. Surety: This is the company that issues the bond (888.951.8680) and provides a guarantee to the obligee. If a valid claim is made, the surety initially covers the financial compensation to the obligee. However, the surety will seek reimbursement from the principal for the amount paid out, plus any additional costs or legal fees associated with the claim.

Key Points:

• The principal is ultimately liable for the surety bond claim, even though the surety may pay the claim initially.
• The surety acts as a guarantor, and the obligee is the protected party who can file a claim if the principal fails to fulfill obligations.

If the principal cannot repay the surety, it can lead to legal action, credit damage, and possible business closure.

The cost of a $100,000 surety bond can vary widely based on factors such as the applicant's credit score, industry, and the bond type. Typically, the premium for a surety bond ranges from 1% to 15% of the bond amount, meaning the cost could be anywhere from $1,000 to $15,000 annually. Applicants with strong credit can expect lower rates, while those with poorer credit may face higher costs. It's best to consult a bond provider (888-951-8680) for an accurate quote.

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Broad GL class code (47367 – sales service organization; exposure base = sales) contemplates the vast array of exposures encountered by event planners, producers and coordinators.

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