 |
 |
Civil Bonds
What is a Civil Bond?
A Civil bond is an instrument that a surety company provides to individuals or companies that are performing a service or work for an entity. A civil bond is different from an insurance policy. The difference is with an Insurance policy you pay a premium for the policy and the insurance company places a value on that policy. When someone makes a claim on an insurance policy the insurance company pays up to the amount stated on your insurance contract.
Applications for Civil Bonds are accepted by fax at 1-800-685-6227.
A civil bond is a form of insurance. If the requesting party fails to perform or fails to complete their service or work or damage any property while they are bonded, you can make a claim on the bond through the Surety Company. With a bond you the subscriber have to be able to pay back any money that the Surety Company may have to pay on your behalf.
Different Types of Civil Bonds:
- Contractors License
- ERISA Pension Plan
- Immigration
- Lost Instrument
- Notary
- Probate/Estate
- Process Server
- Travel Agency
- Writs Court
Bail Bond:
An instrument that is placed with the court to equal and secure the bail amount. This is given to the court in lieu of cash.
Federal Bond:
A Federal Bond must be secured by real property with the Legal Vesting of the United States of America. The property must have the same amount of equity as the bond. The magistrate prior to the recording of the deed must also approve the deed of trust. The magistrate will also ensure that the equity in the property is sufficient to cover the amount of the bond and that the Legal Vesting is listed correctly.
The amount that the Federal Bond is securing can be due and payable on the same day the individual it secures does not appear for any mandatory court appearances.
Federal Bonds are very volatile.
All bonds are for the intended purpose of performance, whether it is for court appearances or for services/work that is contracted. If non-performance occurs than the bond can be filed upon and payment is then due and payable upon receipt of that request.
|
|
|
