What kind of surety bonds does a surety insurance company issue?
The secured contractual obligation can have many forms e.g. constructing a building or being compliant to legislative regulations. Examples: – The failure of a contractor (principal) to complete a contract in accordance with its terms and specifications. – The failure of an enterprise to pay taxes or customs duties to a government or department (beneficiary). The most common types of surety bonds can be categorised as follows: • customs, tax and/or similar bonds • bonds concerning concessions and licenses • judicial bonds • bonds concerning purchases of goods and/or services • bonds concerning leases • bonds concerning construction and/or supply contracts • financial bonds But there are many types of other bonds as well.
