Public Official Bonds

Public official surety bonds are needed for different types of professionals hired by city, county and state bodies to conduct activities with public importance. The bonds are most applicable to government officials who are in charge of managing public finances.

The most common types of positions which entail posting such a bond include:

• Government clerks (city, county and state level)

• Judicial system officials - clerks and judges

• Mayors, sheriffs, and their deputies

• Tax collectors

• Treasurers

• Constables

The purpose of the bonds is to ensure that officials will adhere to applicable laws and regulations and will not misuse public funds. When a public official bond is required for a certain position, the person has to obtain it prior to being sworn into office. The bonds have a ‘tail,' which signifies a buffer period after the individual has concluded public service. This ensures that even beyond the time of holding office, the official still is responsible and can be held accountable for unlawful or harmful activities previously committed.

Public bodies purchase the bonds at the time of hiring an official. However, if the person commits fraud, misuse or other illegal actions, it is their own responsibility to cover all costs on proven claims. This is how government authorities and the general public are protected via the bonds.

The surety bond cost is based on a couple of factors. First of all, the bond amount for public official bonds depends on the city, county and state authorities and the level of importance of the official's position.

On the basis of this amount, the actual bond premium is determined. It represents a percentage that is in line with the perceived bonding risk. The surety may also consider the personal credit score and other financial details of the official when assessing the premium. The typical rates for this type of bonds are between 1% and 4% of the bond amount.

It is difficult to obtain a public official bond if you have financial problems. You would usually need a FICO score above 650. Thus, public officials with bad credit cannot get bonded in most cases.

Need more information about the way bonding works? You can refer to our detailed How to Get Bonded page for an extensive overview.

If you have questions, don't hesitate to consult with our bonding experts. You can reach us at (877) 514-5146.