Infographic :Significance of Public Official Bonds
The infographic titled “Understanding Public Official Bonds”, presented by Suretegrity, describes all the related information about public official bonds. Public official bonds provide assurance that the officials will perform their duties according to the law. As some public offices involve handling of public fund, therefore government agencies require individuals to be bonded.
Generally, three parties are involved in a public official bond, namely, the principal (the official who purchases the bond), obligee (the country, state or city that requires the official to purchase the bond) and Surety (the company that issues the bond).
Some of the common professions that require public official bonds include commissioners of deeds, agents of sale of hunting, fishing and tapping licenses, federal, state and city officials, judges, notaries, tax collectors, secretary of state, city, etc. The factors on which, the cost of a public official bond depends include the country, city or state’s required bond amount, risks associated with particular position, personal credit score and other application information. To get more details about public official bonds, please refer the given infographic.