All about Public Official Bonds

Public officials occupy positions of trust, within the government. Dealing with confidential information, they serve the general public. To ensure that these powers are not misused, many employees must be licensed. The Public Official Bond is necessary to obtain such a license. Who must get a Public Official Bond? Government workers covered under Public Official Bonds include federal, state, county, municipal, and court employees. The bonds cover department heads and may also applies to their read more

Medicare & Medicaid Bonds — Who Needs Them & Why

The purpose of most surety bonds is to ensure an ethical working or business environment. When used in healthcare, these bonds also serve the sole purpose of ensuring the safety of patients. Medicare & Medicaid Bonds are meant to protect against fraud. The bond is usually required from manufacturers or suppliers of equipment. If found guilty of fraud, a claim can be made against the bond. Who needs Medicare & Medicaid Bonds? The Medicare & Medicaid Bonds are required for businesses read more

What You Should Know About Court & Fiduciary Bonds

The purpose of court & fiduciary bonds is to ensure ethical practice and the rule of law. They ensure that court costs are paid on time and that the rights of all parties are protected. Here are few facts about court & fiduciary bonds: There are two types of court bonds Court bonds are broadly split into two types: judiciary bonds and fiduciary bonds. Judiciary bonds are meant to typically protect the interest of either the plaintiff or the defendant. The purpose of the bond is to ens read more

What is the Purpose of Having a Collection Agency Bond?

The primary job of a collection agency is to collect debts and manage important personal information about people and their financial records. Since the job of a collection agency involves high risk, having a surety bond as a guarantee becomes a necessity for all collection agencies. This surety bond, which is also known as Collection Agency Bond is there to enhance the trustworthiness and reliability of the agency being hired to manage a customer’s debt. In the U.S., most states require coll read more

What You Need to Know About License & Permit Bonds

If you are preparing to start a business or striking out on your own as a professional, chances are that you have heard of License & Permit Bonds. As the name suggests, these bonds are required from certain businesses or professions before these can obtain licenses or permits. However, there are some essential facts that you must know about these bonds before buying one. There are different types of License & Permit Bonds These bonds are industry-specific. So, there are bonds for almos read more

Who Needs Public Official Bonds and Why

Public official bonds are a type of Surety Bond required of public officials. The principal here is the public official; the obligee is the government asking for the bond. The purpose of the bond is to protect the general public from any misconduct by officials holding a position of power or trust in the government. Who requires a Public Official Bond? The Public Official Bond is typically required of officials who work with sensitive information or money. Such officials usually hold a positio read more

Why We Need Collection Agency Bonds

A collection agency’s job is to collect debts. As a result, they often deal with sensitive information, such as personal and financial data of the general public. This can open the possibility of serious theft and a misdemeanor if a collection agency uses sensitive information maliciously. Therefore, collection agencies are high-risk companies. Collection agency bonds are an important instrument to protect against any fraudulent behavior done by the agency. The Bond Like all surety bonds, th read more

All About Tobacco Tax Bonds

Tobacco Tax Bonds are required from companies dealing with the sale, manufacturing, and warehousing of tobacco products. These are required by local, state, and federal bodies as a requirement of the business license.   Tobacco Tax Bonds are a type of license and permit surety bond. The purpose of the bond is to ensure that businesses dealing with tobacco products pay all the required taxes and comply with the law. However, do check if your state requires this bond for busin read more

All About Lost Securities Bonds

What do you do if you lose an important financial instrument like a check, bond or stock certificate? These kinds of documents carry significant value, and in some cases, a person’s entire financial security. Should one be penalized for an unintentional error? To protect against this kind of misfortune, lost securities bonds are put in place. What is a Lost Securities Bond? When approaching legal institutions for replacement of any of the above-mentioned documents, you will most likely be as read more

Why You Need Collection Agency Bond

Collection agency bonds are required from all collection agencies. An agency must buy the bond as a prerequisite to getting licensed. The bond promises that the agency will follow the rules and regulations of the state. But is a collection agency bond necessary? Yes, and here are the reasons: Inspiring trust: Collection agencies are often viewed in a negative light. Because their job is basically to coerce debtors to pay, they often end up earning a bad reputation. The collection agency bond is read more