A search of the Florida Statutes for “surety bond” yields 311 returns. Now granted, the term is used redundantly while referencing the same type bond(s) in a number of statutes. However, it also points out that there are many different types of surety bonds that are required by the statutes.
The state of Florida actually has a bond requirement for those dealing with Venomous Snakes. While the majority of bonds are not as Uncommon like the snake bond, some are more challenging than others to get underwritten.
When confronted with needing a surety bond, it doesn’t have to be overwhelming. Here are some pointers to keep in mind:
1. Know the actual obligation the surety bond is guaranteeing?
Some bonds are much riskier than others. For example, a financial guarantee bond is much more challenging to get underwritten than is a license and permit bond.
2. A surety bond is not insurance.
The purpose of a surety bond is to provide assurance that you are going to fulfill an obligation. If you do not fulfill that obligation, the surety will stand in your place, and do so.
3. The surety company providing your bond will require you to sign an indemnity agreement.
Should the surety company suffer a financial loss due to your failure to fulfill the obligation, the surety will seek reimbursement from you.
4. Deal with a professional bonding agency.
A professional bond agency will help guide you through the process of obtaining a bond and stand firmly by your side throughout the duration of the bonded obligation.
Guignard realizes there is so much more to your company than mere numbers. With four decades of experience in the bond industry, Guignard understands that finding the right surety is important and not always easy. This is why Guignard has over 20 trusted surety partners who will custom-tailor a solution for your surety bond program. When you partner with Guignard, its team will remain firmly by your side throughout the process to provide you with an “uncommon bond.”
Call us in Orlando: 407.834.0022 or Toll Free: 888.220.3780
Or, visit: https://www.guignardcompany.com/