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Types of Commercial Surety Bonds to Know About from caitlynwilliams's blog

There are so many types of coverage that you would need to have as a business and one of them is commercial surety bonds. However, you should make sure that you are aware of the various types that you might be required to have and these are based on your project needs. Here are a few types to ensure that you are aware of who requires them and what they are for.


Federal non-contract – This type of commercial surety bonds is required to be purchased by the federal government. This is often required to be had by Medicaid and Medicare providers, cus-toms, alcoholic beverage sellers and much more.


Public official – This is purchased by someone who is acting as a public official and guarantees the duties that they are doing. This needs to be purchased by notaries, court clerks, judges, sheriffs, tax collectors and treasurers.


Judicial – This is also called a fiduciary and they secure the overall performance of their duties and compliance with all court orders. This should be purchased by admiralty, executors, will trustees, liquidators and many more.


Permit and license – This of often required by the local or state regulations so you can get your permit or license to open a specific type of business and is required by those dealing with sales tax, motor vehicle sellers, employment agencies and much more.


Subdivision – This coverage is a guarantee to the state, county or a city that the principle is in charge of financing and construction of specific buildings and you should ask about needing this before any large construction project like drainage systems, sewers, gutters, curbs, sidewalks and streets.


You need to ensure that you are thinking about commercial surety bonds and which ones you would need along with what they can cover. If you don’t know if you are going to need some cov-erage, then you need to do the required research and get the information before you get started.





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