World Partners Insurance Brokers, Inc.

World Partners Insurance Brokers, Inc.

Products and Services

SURETYSHIP (BONDS)

It is an agreement among three (3) parties whereby a surety company jointly and severally guarantee the performance by an individual  (called the Principal) of an obligation or undertaking in favor of a third party (called the Obligee). The Surety company therefore, undertakes to indemnify loss it might suffer if the Principal falls to comply with its obligation.

2 Classification of Bonds

1. Fidelity Bonds – undertaking wherein the surety or bonding  company agrees, subject to stated conditions, to indemnify the
employer against loss of money, securities and other property resulting from any fraudulent or dishonest act/s committed by any of his employees, acting alone or in collusion with others.

2. Surety Bonds – the bonding company promises to answer financially to the obligee for the debt, default, or misconduct of the principal.

a. Contractor’s Bonds – bonds that construction contractors, supply and Delivery contractors and service contractors are required to file
 


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