BONDING INSURANCE

A specific type of surety bond is often required by an individual or company to satisfy and legally guarantee their respective obligations, be it contractual, judicial, legislative, or fiduciary.

Commercial surety bonds represent a wide spectrum of products and range in the thousands of different types. Commercial surety bonds normally respond to an act/law and can be part of a licensing requirement.

These products can include anything from the legal requirement to obtain a specified licence, administer the will of a deceased party(ies), adhere to government and provincial statutes, provide legal protection to a third-party consumer, or provide financial guarantees to a financial institution.

Commercial Surety is comprised of the following major classes of bonds:

• Customs and Excise (BMC-84 Property Broker Bond, Release of Goods, Carnet, Canadian and US Bonded Highway Carrier Operations, Spirits Licence)
• License and Permit (Consumer Protection, Auto Dealer’s, Employment Agency, Collection Agency, Foreign Recruiter)
• Fiduciary (Estate Trustee, Foreign Executor, Administration, Probate)
• Fidelity Bond (Employee Theft)
• Lost Document (Fixed-penalty, Bank Draft, Certificate, Certified Cheque)
• Various other special commercial bonds

Surety bonds act as a financial guarantee, protecting the Principal(bond holder), consumer or business against fraud, misrepresentation and compensation of monetary loss and are required by the Courts, Federal, Provincial and Municipal bodies, financial institutions and private Corporations.

There are many commercial surety bonds that fall under this category. The bonds that would normally fall under this category are those bonds that are not part of a law/act or licensing requirements.

The most common bonds are:

Commercial Surety Bonds have proven to be a cost effective method of ensuring compliance with a variety of important laws and regulations. They are essential to an individual or company’s commercial activity.

At Ai Surety Bonding, our commercial specialists have the knowledge and expertise to facilitate all of your commercial surety needs. Utilizing our network of Surety Market partners, we can write and issue any commercial bond(s) quickly and easily and have it delivered to the client next-day.

Our process has been streamlined to make the application and issuance seamless and effortless. We offer immediate Commercial bond issuance and purchase at the time of the call.

Applying For a Commercial Bond? Have Questions or interested in more info?

Contact our surety experts at 1-877-213-4545 or surety@bondsurety.ca