A surety bond is a promise or guarantee backed by a surety company.
How is a surety bond different from an insurance policy?
Insurance is a two party contract between the insured and the insurer (insurance company). The point of this contract is a promise that the insured will be compensated by the insurance company if a covered loss occurs.
A surety bond is a three party contractual agreement between a Principal, Obligee and Surety.
A surety bond arrangement is a guarantee that if the obligation of the principal is not fulfilled, the obligee can recover its losses from the surety per the terms and conditions of the surety bond in place.
How do I secure a surety bond?
If an entity is requesting you to provide a surety bond, please contact an ALIGNED Insurance Advocate or connect with us at www.alignedinsuranceinc.com today.
ALIGNED specializes in delivering insurance and risk management solutions exclusively to Canadian businesses. Through our 18 points of differentiation and expertise, we deliver unmatched value to our growing portfolio of clients from all industries that range from small to large organizations.
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