Surety & Fidelity Bonds
There are two primary types of bonds commonly provides insurance carriers, Surety and Fidelity.
Surety bonds are a type of bond that involve a promise to pay a party (known as the obligee) a set amount in the event that a second party (known as the principal) fails to meet a specific obligation, such as the fulfilling of the terms of a contract. Surety bonds serve to protect the obliged party against losses that result from the failure of the principal to meet their obligation. The party that assumes the risk in the case of surety bonds is known as the surety. Common types are surety bonds are, license & permit bonds, public official bonds, probate and other court bonds, miscellaneous surety bonds, and contract performance bonds.
Fidelity bonds are also known as employee dishonesty coverage protect against theft of an employer’s property by its own employees. Though fidelity bonds are known as bonds, they function more accurately as a traditional insurance policy rather than a surety bond. Fidelity bonds are insurance protections that cover policy holders for losses which they incur as the result of the fraudulent acts performed by specified individuals. Fidelity bonds are insurance policies that protect against the losses of company monies, securities, or other property from employees who have manifested intent to cause losses to the company. Fidelity bonds can be taken out to protect company assets from a variety of crime insurance policies, such as burglary, fire, general theft, computer theft, disappearance, fraud, forgery, or a broad variety of other charges.
Let Scarr Insurance Group help you with all of your Florida Surety and Fidelity Bonds. Contact us today at 800-299-5055!
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