When a guardian is told by the court to purchase a guardianship surety bond, it is a common misconception that the guardian is purchasing insurance to protect the guardian themselves. In actuality, the guardianship bond is providing protect for the ward. Guardians serve to take care of minors, elderly, or disabled individuals. More specifically, if someone is determined to incapacitated, a guardian may be selected to take care of financial matters
A guardianship bond, or a custodian bond, acts as a guarantee that the appointed guardian will perform their duties in compliance with applicable state law. The bond safeguards the affairs and interests of the ward and providers them a way to recover should the appointed guardian not perform their duties faithfully and in compliance with the law.
Congruently, the bond does not protect the guardian if they don’t faithfully fulfill their duties. Should there be a breach of duty by the guardian, the ward can substantially recover. However, attributable to the indemnity agreement signed to obtain the bond, the surety bond is then needed to be indemnified by the breaching guardian for the amount paid out to the ward. The ward’s interests are of prominent concern to the court.
How Much Does a Guardianship Bond Cost?
Our guardianship bonds are very affordable and easy to obtain. Though other insurance companies and agents may throw in hidden fees and costs to your final price tag, Colonial Surety only provides our lowest possible rate.
To get your quote, simply enter in your information in our online form, type in your payment method, and print or e-file your bond. Contact us today to learn more about guardianship surety bonds.