Bonds are a very misunderstood product in the insurance industry. There are license bonds, fiduciary bonds and performance bonds, it seems like there is a bond for everything.
But what are bonds in layman terms?
CNA Surety one of the largest bond issuers in the U.S. has written a great educational piece explaining the bond universe.
Here is the link for the pdf download from CNA Surety.
- Download Suretyship.pdf
Windows: Right Click / Save As
Mac: Right Click (option + click) / Save Link As
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Let us clear up some of the confusion.