Surety bonds are an agreement among three parties:
The obligee may file a claim against the bond if a principal doesn’t adhere to the surety bond’s terms. Then, if the situation cannot be remedied with the principal, the surety may provide financial compensation to the obligee. If that occurs, the surety will typically seek reimbursement from the principal for that payment.
Fidelity bonds are a type of business insurance that may financially protect against specific dishonest acts. Two kinds of fidelity bonds include the following:
At Fox Insurance we have vast experience working with a wide range of businesses including:
Restaurants
Contractors
Auto-Motorcycle-Boat Dealers
Wholesale / Distributors