{"id":67,"date":"2020-03-05T11:23:20","date_gmt":"2020-03-05T11:23:20","guid":{"rendered":"https:\/\/smitherwoodinsurance.com\/?p=67"},"modified":"2024-01-04T10:46:49","modified_gmt":"2024-01-04T15:46:49","slug":"surety-bonds","status":"publish","type":"post","link":"https:\/\/smitherwoodinsurance.com\/specialty-insurance\/surety-bonds\/","title":{"rendered":"Surety Bonds"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container gradient-container-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1456px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><h3>Court Surety Bonds<\/h3>\n<ul>\n<li><strong>Fiduciary Bond (or Probate Bond) <\/strong>secure the performance of fiduciaries\u2019 duties and compliance with court orders.\n<ul>\n<li>Fiduciaries must be bonded. The bond is a written promise that one will faithfully perform his duties as a fiduciary (Executor or Administrator).<\/li>\n<li>The bond amount is set by the Probate Clerk. The bond issued on behalf of the estate helps to ensure that the person appointed properly administers the assets of the estate and helps to protect the interests of the heirs, creditors, beneficiaries, and the Commonwealth as their interests relate to the estate. State statutes govern whether the bond is with or without surety. The Probate Clerk will set the appropriate bond amount.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>License and Permit Bonds<\/h3>\n<ul>\n<li>Required by state law, municipal ordinance, regulation, and occasionally the federal government in order to grant a license to engage in a particular business or a permit to exercise a particular privilege.<\/li>\n<li>Examples of these bonds include:\n<ul>\n<li>Auctioneer<\/li>\n<li>Beer and Liquor<\/li>\n<li>Contractor\u2019s License Bond<\/li>\n<li>Land Use Permit<\/li>\n<li>Medicare (DMEPOS)<\/li>\n<li>Motor Vehicle Dealer<\/li>\n<li>Outdoor Advertising<\/li>\n<li>Patient Trust<\/li>\n<li>Proprietary School<\/li>\n<li>Surplus Lines Broker<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>Public Official Bonds<\/h3>\n<ul>\n<li>These bonds guarantee the faithful performance of duty by a public official in a position of trust.\n<ul>\n<li>Notary Errors and Omission Insurance Bonds<\/li>\n<li>City Treasurer\u2019s Bond for collection of State Revenue<\/li>\n<li>County Treasurer and County Director of Finance<\/li>\n<li>Deputy and all Subordinates of Treasurers, Tax Collectors or Treasurer-Collectors<\/li>\n<li>General Receiver of Circuit Court<\/li>\n<li>Sheriff and all Subordinates<\/li>\n<li>State Officers and Employees<\/li>\n<li>State Treasurer<\/li>\n<li>Treasurer and Tax Collector or Treasurer-Collector<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>Miscellaneous Bonds<\/h3>\n<ul>\n<li>Pension Trust \u2013 ERISA<\/li>\n<li>Dishonesty and Janitorial<\/li>\n<li>Dishonesty and Business Services<\/li>\n<\/ul>\n<h3>External Resources<\/h3>\n<ul>\n<li><a href=\"http:\/\/www.sio.org\/\">Surety Information Office<\/a><\/li>\n<li><a href=\"https:\/\/www.surety.org\/default.aspx\">Surety &amp; Fidelity Association of America<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":68,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - 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