Not all surety bonds fit neatly into traditional categories, such as court and probate, construction or license/permit. Instead, some bonds represent a wide variety of surety obligations that are not easy to classify. These bonds are often called “commercial bonds.”
Commercial bonds can support private enterprises and public government needs, offering coverage solutions for unique situations. From livestock dealers to special event licenses, these bonds ensure compliance with applicable state laws and regulations.
Here are a few examples of these specialized bond types:
- DMEPOS medical equipment
- Encroachment
- ICC broker (BMC-84) & freight forwarder
- Lost title
- New/used dealer
- One-day special event licenses
- Right-of-way
- Wage & welfare
- Private school choice program
- Special needs scholarship
- Livestock & grain dealer
Each of these bonds addresses a unique exposure, whether it’s ensuring compliance or protecting public interests. Our knowledgeable Bonds team specializes in the immediate needs of your bond clients and is here to help. Give us a call, and we’ll help you find the right solution.
Download and print this article: Understanding Commercial Bonds