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Bonds Information

What is bond insurance?

An issuer of a bond can purchase bond insurance to guarantee scheduled payments of interest and principal on the bond to its bondholders in case the issuer defaults. Once the issuer purchases bond insurance, its credit rating is replaced with the insurer’s credit rating. Premiums are a measure of the perceived risk of failure of the issuer and are paid to the insurer in either lump sums or installments.

What are the benefits of being bonded?

Being bonded gives issuers the ability to leverage business growth. With the increased stature of having the insurer’s credit rating, a business can feel safer in taking risks to improve and grow the business. This is especially true in the construction and financial industries.

A bonded business can obtain unbiased criticism from a credit professional and seek advice in underwriting projects.

Some bonds we handle include, but are not limited to, the following:

  • Contract performance bonds
  • Bid bonds
  • Maintenance bonds
  • Payment bonds
  • Supply bonds
  • License and permit bonds
  • Miscellaneous bonds

Notary Bonds 

In many states, every Notary must purchase a surety bond in order to protect the public financially from the possibility of that Notary's future negligent mistakes or intentional misconduct. Up to the dollar amount of the bond, the state-licensed surety will reimburse any person financially harmed by the Notary's improper actions, if the Notary is unable to do so. However, the Notary is then required by law to pay back the surety any funds it pays out on his or her behalf.

The bond is not insurance for the Notary -- it is protection for the public against mistakes and misconduct by the Notary!

Errors & Omissions Insurance for the Notary

Time and again, blameless Notaries are sued and have to prove that they acted properly -- but doing so can be expensive. The Notary's greatest protection against the financial ravages of a lawsuit is Errors and Omissions Insurance. An E&O policy shields the Notary's personal assets.

If you are ever accused of misconduct as a Notary for unintentional "honest" mistakes, E&O insurance from the NNA will not only provide for your legal defense, but also absorb the cost of any settlements or court-ordered cash damages -- up to the limit of the policy.

Get started today!

Contact us today, and we can answer any questions you have about bond insurance. 

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