Surety bonds are often issued by financial institutions like banks or insurance companies; basically, the issuing enterprise or guarantor sells an assurance to their customer (the principle) that, in the event of a specified event happening that causes (usually) a client of the principle (known as the obligee) to make a financial claim on the principle; then, once justified, that claim will be met. Many wise businessmen take out a variety of surety bonds as a sort of insurance for their own protection. In addition, when dealing with any number of state and local authorities, there could be requirements for surety bonds before you are allowed to conduct any business.
What Type Of Surety Bond?
The total list is extremely extensive (for example; Florida requires all citrus fruit growers in the State to be in possession of a licensed bond); but falls into four broad categories:-
1. Contract surety bonds
2. Commercial surety bonds
3. License and permit bonds
4. Court bonds
5. Public official bonds
6. Fidelity bonds
7. Miscellaneous bonds (that do not really fit any of the above descriptions).
This covers rather a lot of bonds; each with its own set of requirements; so, perhaps it should come as no surprise to find that some 30 companies are listed on the website of The Florida Surety Association (this does not include brokers and agents). Even the government Bureau of the Fiscal Service in Washington DC who administer the surety bond program for the federal government have a huge list of different types of bond issuing companies.
How Do You Find The Guarantor In Florida Who Can Best Meet Your Needs?
Do you even have the complete knowledge of the subject to know exactly what you need? Also, you may be in Florida; but, is it essential that your guarantor be a Florida company? It could take far too much of your valuable time and resources to uncover the best solutions for your needs. Due to the complexity of these matters; maybe you would be better advised to avail yourself of the services of a broker who specializes in providing surety bonds for Florida; rather than research Surety Bond Companies In Florida directly on your own?