So you’ve just been told you need to purchase a surety bond. That’s all. No specifics were given regarding your profession or court case or industry. Well, it turns out that surety bonds come in many shapes and sizes, and you probably need a specific type of surety bond.
First off: what is a surety bond? Surety bonds are three party agreements between a principal (the buyer of the bond), the obligee (the person or organization requiring purchase of the bond), and the surety (the company guaranteeing to the obligee that the principal can fulfill his or her obligations). The obligee can file a claim if the principal’s obligations are not met. The surety then requires indemnification from the principal to be paid back for paying out the claim to the obligee.
But the bond’s purpose is different depending on which industry, license, permit, or purpose you’re purchasing it for. There are differing surety bonds depending on whether you’re looking to legally practice a profession, purchase a court required bond, or anything in between. They all have their own specific bonds, with different obligees in different professions in different states requiring principals be bonded in specific amounts.
You can find a list of different kinds of surety bonds in the bond dropdown on the Colonial Surety website. Search by your profession, business, or purpose for looking for a surety bond to find the bond you need if the direction you’ve been given by your obligee isn’t more specific than just a “surety bond.”
Colonial offers the direct and digital way to obtain surety bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print or e-file your bond from your office. It’s that simple!