Commercial Surety Bonds: Court Bonds
The four primary categories of common commercial surety bonds are listed below with a brief description of the bonds purpose. There are literally thousands of different bond types specific to the four primary categories shown below:
- Appeal Bond - A bond required by a court prior to an appeal. Appeal bonds always require 100% collateral.
- Custodian Bond - Another term used for guarandianship bonds.
- Estate Bond - Another term used for probate bonds.
- Executor Bond - Another term used for probate bonds.
- Fiduciary Bond - Another term used for probate bonds.
- Guardianship Bond - Guarantees that the legal guardian of a minor or an individual that is incompasitated will appropriately manage the individuals finances.
- Probate Bond - Required by the court in order to ensure the exexcutor of an estate properly distributes the assets as the deceased or incapacitated.
Special Note: This summary outlines in general terms the coverages afforded under some policies. Examine the policy carefully for any exclusions, limitations, or any other terms or conditions that may specifically affect coverage. The terms and conditions of the policy prevail.