Frequently Asked Questions
What is a Surety Bond?
Surety Bonds guarantee the performance of an obligation. They are three-party instruments by which one party (the surety bond company) guarantees a second party (the entity requiring the bond) successful performance of a third party.
Surety bonds assure that you or your company will perform in accordance with the terms of a business license, permit, contract, financial obligation (such as sales tax), or court order. Those terms and guarantees are uniquely outline in different surety bond forms. Surety bonds are required by individuals, companies and courts, as well as city, county, state and federal governmental agencies.
The purpose of a surety bond is to protect public and private interests against financial loss.
SEVEN FAMILIES OF SURETY BONDS:
- Fidelity Bond
- Public Official Bond
- Judicial Bond (Court)
- Fiduciary Bond
- License and Permit Bond
- Contract (Bid & Performance) Bond
- Miscellaneous and Federal Bonds
How much will my surety bond cost?
The surety bond company determines bond rates. Surety bond and fidelity bond rates generally vary by surety bond state and surety bond type.
How can I pay for my surety bond?
We accept credit cards, check cards, business or bank checks and postal money orders. However, for our bad credit program we must obtain a bank cashier’s check, postal money order or credit card payment.
How long will it take to get my bond?
With qualifying credit, most surety bonds are mailed the same day that your application is received in our office (Monday-Friday). Overnight mail helps to speed up this process. If your bond is placed using our bad credit program, it will take a little longer. Our experts will be able to give you an idea of just how long your bond will take.
NFP Surety is a featured source for surety bonds with CALDA and Eberl Claims Service.
If you have any questions about surety or fidelity bonds, please do not hesitate to call us or email [email protected].