Strictly speaking, bonds are conveniently classified as Fidelity or Surety Bonds
Fidelity Bonds: Protects your client against dishonesty loss from an act by one of its employees. Common Fidelity Bonds include:
- ERISA
- Janitorial Service
- Position or Blanket
Surety bonds can be broken down into three categories:
Court Bonds: A form of insurance that insures one who carries out the will of a deceased person. This may be one who has been appointed by the deceased prior to his or her death or one appointed by the courts. Common Court Bonds include:
- Executor Bond
- Administrative Bond
- Guardianship Bond
Miscellaneous Surety Bonds: A bond mandated by the state or municipality to be required by working people for certain occupations. i.e. Plumbers, excavation & drain layers. The bond guarantees the bearer will comply with the governing laws. Common Miscellaneous Surety Bonds include:
- Lost Title
- License & Permit
Construction Bonds:
- Bid Bonds
- Performance Bonds