Surety and Probate Bonds are very much a part of the day to day business world. Most businesses are aware of the term 'surety bond'. Some projects are not authorized to begin without a bond contract in place. There is a large variety of bonds available today.
The professionals at Simon Insurance have been helping individuals and attorneys with prompt service and competitive rates for over 30 years. Our goal is to help guide our clients through the process and make buying a bond less confusing and easier.
Here are a few examples of bonds that Simon Insurance can help you with:
Probate Bonds: Probate bonds are the same as Fiduciary Bonds, Executor Bonds and Estate Bonds. They are all mandated by the court system and provide security that the appointed person will perform in a proper manner when allocating the assets of a deceased or disabled individual.
A probate bond is a financial instrument which provides a safeguard that the executor will distribute property and assets in accordance with the wishes in someone's will, or, if there is no will, in accordance with the particular laws of the jurisdiction. The probate bond is similar to collateral. In other words, money is put up to insure that the executor or administrator will perform his duties in good faith.
Normally, obtaining a bond for probate is not difficult, provided you have a good credit history. If you have flawed credit, your bond may need to be written through a specialty market. Our specialty probate bond markets allow for applicants with bad credit to obtain a bond.
While there are standard probate bonds, there are also other types of bonds utilized in connection with the probate of a will. Where there is an executor, the bond is referred to as a probate bond. In instances where there is an administrator, the bond is called an Administrator's bond. Conservator bonds, Guardian bonds and Trustee bonds are also other types of bonds frequently considered as probate bonds when utilized in accordance with the probate of an estate.
Contract Bonds: Ensure the fulfillment of a contract as per the requirements of its terms and conditions.
Bid bond: This bond ensures that the contractor who wins the bid will perform the work promised, without adding additional costs and expenses to the project.
Performance bond: Is a bond that ensures the project will be finished and completed as per its terms and conditions of the contract.
Payment Bond: A bond that will ensure that workers get paid for labor including subcontractors and material providers.
License and Permit Bonds: Fall under the commercial category of bonds and guarantee that the contractor will abide by the terms of the license that filed the bond for. This is required by certain governing bodies, whether it is the state or the local county. The bond will ensure that the contractor or the principle abides by the laws of the jurisdiction when performing and completing the assigned project.
Permit bonds grant a privilege, including:
Auto Dealer Bonds: To ensure that the dealer will adhere to the law of the land when selling vehicles.
Mortgage Lender Bond: The license is to assure that the broker/lender will abide by the laws and regulations of that state and protect the consumers.
Electrician's license: Ensures that a hired electrician will not break or avoid laws pertaining to work regulations of an electrician.
Plumber's license: Ensures that a hired plumber will keep the regulations prescribed by the laws of the state.
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 of 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. We look forward to the opportunity to be your source for all of your bond needs. Call us today for a Free, Fast Quote.