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Surety Bonds 101 - License & Permit Bonds
- License and Permit Bonds generally are required to protect the public welfare; Government organizations of many types and levels require these bonds either by law or regulation. These license bonds generally guarantee that the Principal will comply with the rules governing their activities. They can protect the public from fraud, incompetence, bodily or property damage or credit losses. Examples of these bonds are
- Contractors License bonds - Incompetence
- Insurance Agents Bond - Fraudulent policy or promises
- Easement or Blasting Permit bonds - Bodily or property damage
- Mortgage broker bonds - credit losses