Bonds

Surety Bonds in St. Charles, MO

A promise by a guarantor to pay the oblige a specified amount if the principal party fails to meet an obligation (like meeting the terms of a contract). The bond protects the obliged party against a potential loss resulting from the principals failure to meet the terms of the contract or obligation. 

Types of Surety Bonds

  • Probate and Court Bonds: A probate bond guarantees an honest and faithful performance of duties by individuals in a fiduciary role. These bonds are typically required in the settling of estates for the deceased, mentally incompetent and minors.

  • Public Official Bonds: A Public Official bond is designed to guarantee that elected officials perform their duties faithfully. The amount of the bond is determined by the post occupied and the duties specified.

  • License and Permit Bonds: License and permit bonds, also known as contractors bonds are bonds that guarantee the principal will comply with rules and regulations of the obligee which in this case is usually a city or municipality.

  • Contract and Performance Bonds: Contract and performance bonds guarantee the performance of a contract according to its conditions and terms. Common contract and performance bonds are bid, performance and payment bonds.

Fidelity Bonds

Fidelity bonds are a type of business insurance. Also known as crime bonds, fidelity bonds are generally designed to protect employers from employee embezzlement, theft and fraud.

Lindenwood Agency of St. Charles is here to answer any questions you might have about your commercial property insurance. 
Call us today at (636) 946-6133.

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