How do Surety Bonds differ from Insurance?
When dealing with losses, insurance companies typically expect to make payment for a certain percentage of a given claim. However, surety companies do not expect to make such payments on claims, and instead treat the premiums paid for surety bonds as service charges. The premiums essentially authorize the principal to use the surety’s deep pockets for financial backing, which provide the required guarantee.
Latest posts by Victor J. Lance, President/Owner (see all)
- How to Get an Oklahoma Mortgage Broker License [2020 Guide] - September 29, 2020
- Lance Surety Bonds is on the Inc. 5000 List! - September 23, 2020
- A Simple Guide to Understanding Bail Bonds  - September 21, 2020