Commercial Insurance Solutions
What is a surety bond?
Surety Bonds: A surety bond is a three party written agreement whereby a SURETY guarantees a specific performance on behalf of a PRINCIPAL (customer/insured) to an OBLIGEE. The Obligee is usually a government entity such as a City, Town, or State. There are several types of Surety Bonds, and AIB can help you with any of these needs:
License and Permit Bonds, Public Official Bonds, Probate and Other Court Bonds, Miscellaneous Surety Bonds, Contract Performance Bonds
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Fidelity Bonds: A Fidelity Bond will indemnify the insured for loss caused by a fraudulent or dishonest act with the intent to cause the insured a loss and benefit the employee or others the employee intended to benefit. With employee fraud causing business owners more than $3billion in annual business profits, company owners need to consider this additional type of coverage.