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Surety Bonds 101 - Miscellaneous Bonds
- Miscellaneous Bonds generally are described as any private or public bond not readily classified under the other bond types. These bonds are vast in their scope and are often broad coverages whose risk factors and obligations are only defined and ascertained within the underlying obligation being bonded. Quite often, the real obligation being bonded is the compliance to the underlying agreement and in the event of failure to comply, the payment of money to compensate for recouping of losses, or as a penalty for default. Some common Miscellaneous bonds are:
- Utility Payment Bonds - guarantee the payment of charges owed by the Principal to a Gas, Electric or Water Utility.
- Workers Compensation Self Insurance Bonds - required by the various state Insurance departments for business that have a self insured portion of their Workers Compensation Insurance programs.