Today surety and probate bonds are very much a part of the mainstream business world. Anyone in business today that works on projects for or in the community will have no doubt come across the term ‘surety bond’. In most cases a project cannot be authorized to begin without their first being a bond contract in place for all the parties involved to adhere to. However, what is not widely known is the diversity of bonds available today. From Lottery bonds to Medicaid bonds, there are more bonds available and required today than ever before. As more safeguards are put in place to ensure the protection of clients and customers you will need to be aware of the bonds that are required within your field of work. Here are a few examples of bonds that the professionals at Simon Insurance can help you with:
A Lottery Bond – This bond is made for the lottery seller, to ensure that he or she does not hold back or misuse any of the lottery prize money.
ARC Bond – This bond is required for travel agencies to ensure that all the monies received for flights go to the airlines that will be carrying the passengers that bought the tickets from the travel agents.
ICC Broker Bonds – This bond is designed for Freight brokers. It ensures that all shippers and carriers get paid for their transportation efforts.
MFG Home Dealer Bond - Also known as a mobile home dealer bond. This bond is required for any seller of mobile homes. It ensures that they will abide by the terms and stipulations as required in the bond for the safety and well-being of those who live in the mobile homes.
Sales Tax Bond – This bond is required by retailers to ensure that they will pay all required taxes on sales to their company to the government.
MVD / Motor Vehicle Bond – This bond is for car dealership, to serve as a license to sell cars that will protect the consumer in the event of fraudulent activity on the part of the dealership.
Patient Trust Bond – This kind of bond is primarily required for nursing homes, in order to ensure that loved ones are adequately cared and provided for by the business.
Utility Deposit Bond – Utility Bonds are usually required by law for private obliges. Example: Apartment rentals owners to ensure that utilities in the facilities run without disruption.
Wage & Welfare Bond - This kind bond is for business unions to ensure that members in the union receive payments as promised even if certain members of that union pull out.
Bad Credit Surety Bond - Sometimes referred to as high risk surety bonds, as pertains to the applicant of the bond rather than the bond itself. In such circumstances the applicant will have a bad credit history and further requirements will have to be met before the bond is issued.
Medicaid Bond – This bond is for manufacturers that provide and sell medical products. It is to ensure that their products adhere to the standards set by law.
Street Obstruction Bond - This bond is required when a company does construction work in a public place. It allows them to have the authority to cause a minimal obstruction to people as the project is being completed.
Taxi Company Bond – This bond is issued for taxi companies or owners to have the license to transport passengers in their vehicles within a certain community or city; without which they will be liable for any injuries or problems that may occur as a result of their taxi services failing to safeguard the well-being of its passengers.
Compliance Bond – This bond is typically used for construction projects to ensure that the contractor complies with the states regulations.
Dishonesty Bond – A dishonesty bond is actually for the protection of an employer against dishonest employees. Example: An employee steals from the company or embezzles funds. This will ensure that the employer is financially compensated for any losses incurred by the employee’s dishonest activities.
Call us today for a free consultation for all types of Bonds including Court Bonds, License Bonds, Probate Bonds and Permit Bonds. Simon Insurance is based in South Florida and serves clients throughout the United States and Florida including Miami, Ft Lauderdale, West Palm Beach, Tampa, St Petersburg, Cape Coral, Orlando and Jacksonville. We encourage you to browse our website and call or email us today to find out how we can assist you. A fast and free expert consultation is just a phone call away. 561-948-4141.