A: A surety bond is a three-party agreement between a principal, an obligee,
and a surety.
1. Principal: the person or company who needs the bond
2. Obligee: the entity who requires the bond
and is protected by the bond
3. Surety: the company who issues the bond
Essentially, a surety bond obligates you will fulfill and perform your duties. If you fail to do that, someone can make a claim against your bond.
A: The obligee (the entity that requires a bond for you to legally operate) will let you know if you need a surety bond.
Surety bond requirements vary depending on what you are doing, your occupation, and your location.
A: The cost of a surety bond depends on many factors including the type of bond, the term of the bond and in some cases the credit history of the owner.
A: Here are the steps to get your surety bond:
After you pay for your bond, the surety company will mail you the completed bond. Some bonds can be downloaded right after you pay for them, but not all bonds.
Yep, it's just that easy.
A: An indemnity agreement is a legal document that fully discloses your obligations in the surety bond agreement.
It allows the surety bond company the right to recover for losses paid out on your behalf.
Of Course! We require our appointed agents to complete an online appointment application. This will give you access to our SureQuote system to submit your bonds quickly and
get the best service from our awesome
All appointed agencies must maintain proper licensing and errors & omissions insurance as well as be in good standing with all Federal or State finance or insurance regulatory agencies to be a Hancock Surety Partner.