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139 SOUTH 3RD STREET, STE. A, COSHOCTON, OH 43812

Commercial Surety Bonds

Commercial surety bonds are also sometimes called Noncontract Surety Bonds. These bonds are an agreement between a principal and an obligee that a certain obligation will be performed. The agreement usually states the principal (also known as the licensee) will conform to the ordinances or laws relating to the business they are engaged in. Commercial Surety bonds are comprised of License Permit, Notary, Financial Guarantee, Public Official, Probate, and Court Bonds.

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Commercial Bond Types

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    Fiduciary Bonds

    A fiduciary bond is a legal instrument that essentially serves as insurance to protect beneficiaries, heirs and creditors when a fiduciary fails to perform honestly or competently. A court may require a fiduciary bond for any person or party that hasfiduciary duty or responsibility to another.

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    License and Permit

    License and permit bonds are a type of commercial surety bonds required of many business industries. Federal, state and local government agencies require business owners in their respective industries to purchase license and permit bonds before they can be issued a license or a permit for certain types of work. The terms “license bonds” and “permit bonds” are often used interchangeably to refer to this broad type of surety bond.

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    Court Bonds

    If you're involved in a court case as a plaintiff, defendant or fiduciary, you may need a court bond. Court bonds - also known as judicial bonds or court surety bonds - are often required in court proceedings to protect from possible loss resulting from the court case's outcome.

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    Public Official

    A public official or surety bond provides a financial guarantee against loss that the official duties of an office will be faithfully performed according to the law during a specific term of a specified office.

Frequently asked questions:

What is a Surety Bond?

A surety bond is an agreement in which the surety company guarantees the principal will fulfill a commitment made to the obligee.

What is a Contract Bond?

A contract bond usually consists of a performance and payment bond. The performance bond guarantees the principal will complete the job to the specifications made in the contract between the principal and obligee. The payment bond holds the principal responsible for paying certain subcontractors, laborers, and suppliers associated with the job.

What is a Bid Bond?

A bid bond is a financial assurance that a bid has been submitted in good faith and the contractor will enter into a written contract.

What is a Commercial Bond?

Commercial surety bonds are also sometimes called Noncontract Surety Bonds. These bonds are an agreement between a principal and an obligee that a certain obligation will be performed. The agreement usually states the principal (also known as the licensee) will conform to the ordinances or laws relating to the business they are engaged in. Commercial Surety bonds are comprised of License Permit, Notary, Financial Guarantee, Public Official, Probate, and Court Bonds.
 
Our Underwriting Philosophy
  • Net worth underwriters
  • Clean, personal credit reports. Some Commercial Surety bonds are written solely based on a clean credit report.
  • Every case is underwritten on its own merit.

What is a Court Bond?

Court Bonds are a product of a court-ordered action.
Our Underwriting Philosophy
  • Properly completed commercial bond application
  • Copy of Court papers
  • Financial statement
  • Clean credit reports
  • Some of the court bonds will require cash collateral
We write court coverage on:
    • Cost Appeal/Supersedeas
    • Attachment
    • Replevin
    • Sheriff Indemnity
    • Lien
    • Release of Lien
    • Receiver
    • Injunction

What is a Probate Bond?

Probate Bonds are required by a court to ensure the proper handling of an individual's finances or estate.
Our Underwriting Philosophy
  • Properly completed commercial bond application
  • Copy of Court papers relating to the case
  • Clean personal credit reports
  • Financial information
We write probate coverage on:
  • Guardianships/
  • Conservatorships of Incapacitated Person
  • Guardianships/Conservatorships of Minors (joint control usually required)
  • Trustees
  • Referees
  • Administrators
  • Executors
  • Receiver

How Do I Submit a Claim?

To submit a claim, please do so in writing and, if possible, refer to the bond number and name of the bonded principal. The claim should include copies of all relevant documents, such as invoices, to support the claim.

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ADDRESS

139 South 3rd Street Ste A
Coshocton, OH 43812

PHONE

Office: (740) 295-9460
Fax: (740) 295-9462

HOURS

Monday-Friday 8:30 AM - 5:00 PM
After hours by Appointment