Commercial surety bonds are other bonds other than contract bonds. Examples of commercial surety bonds include:
Fiduciary bonds comply with probate and bankruptcy needs. They are often handled by lawyers whose clients are required to file security to comply with the courts or the public guardian and trustee. These bonds guarantee compliance with the requirements of law for faithful performance of duties.
License and permit bonds
These bonds are used to qualify those who wish to obtain a license or a permit to exercise a particular privilege or engage in a particular business. License and permit bonds guarantee compliance with the statute, by law or regulation under which the principal is compelled to act. The laws are meant to protect the public against incompetence, misrepresentation, fraudulent dealings, physical damage, or bodily harm.
Customs and excise bonds
Customs and excise bonds are for the benefit of the federal government and guarantee that either taxes or duties or both will be paid by the principal when invoiced by the government.
Travelers Canada has the local ability and capacity to issue bonds in the United States. We underwrite bonds required at federal, state, county and municipal levels, and more. Bonds are issued from our Canadian offices using U.S. Travelers affiliated companies. This direct relationship results in the seamless processing of U.S. bonds.
Lost instrument bonds
Have you lost a stock certificate, cashier’s cheque or other valuable instrument? Losing an instrument can be very stressful. Fortunately, Travelers Canada offers lost instrument bonds for individuals and corporations. If an instrument in your possession is lost, stolen or destroyed, the lost instrument bond is necessary for the instrument to be replaced by the instrument’s issuing authority.
Hyndman Insurance Group has provided clients with many different types of bonds. Call us today to see if we can provide the bond to suit your needs.