 Surety
bonds are different than professional liability insurance in that
they are three-party contracts between the insured party, the
secured party and the surety (guarantor). This is a guarantee that
the insured party will meet their obligation to the secured party.
Insurance companies will look at several factors for surety bonds --
the insured's character, the insured's ability to meet the
obligation and the insured's financial resources. Two examples of
surety bonds are contract bonds and license and permit bonds. Your
Morris Insurance agent can find the policy that best meets your
business needs. |
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