All About Alabama Warehouseman Bond

The Alabama Warehouseman bond is required of owners of public warehouses by the Commissioner of Agriculture and Industries for the State of Alabama. The principle here is the warehouse owner and the obligee is the State of Alabama Department of Agriculture and Industries, Gin and Warehouses Section. Who needs the bond? It is typically required of anyone who applies for the Alabama Public Warehouseman's Permit. This includes those applying for public warehouses, cotton merchants, cotton gin read more

What You Should Know About Tobacco Tax Bond

Also known as a Cigarette Tax Bond, the Tobacco Tax Bond is a type of surety bond required of tobacco product sellers and dealers by government licensing bodies. The bond guarantees that the principal will pay taxes to the government and follow the industry rules and regulations. If a business fails to pay the taxes, a claim can be filed against the bond, and if the claim is found to be valid, the surety will pay the amount and collect it from the principal. Before you buy a bond, you should read more

When & Why You Need Utility Deposit Bonds

Utility deposit bonds get their name from the obligee. The utility deposit bond is required by a private or government utility company for supplying their services to certain businesses. The bond guarantees that the principal will make all due payments to the utility company for its services. It is a type of surety bond. The three parties of the bond are: Principal: The business that needs the utility. Obligee: The utility company that requires the bond. Surety: The surety is the company read more

Why We Need A Collection Agency Bond

Collection agency bonds are required to collect debt on behalf of clients who are owed money. The bond is essential to license the agency and to ensure that the agency behaves in an appropriate manner. Work according to industry regulations The agency must follow industry norms in order to obtain the bond. In order to ensure and maintain such integrity, a licensed agency must follow all rules and regulations designed to protect the general public while adhering to professional and ethical read more

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