The Difference Between Surety Bonds and Insurance Plans

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While they may seem similar, there are distinct differences between companies who issue surety bonds and insurance companies. Insurance contracts are between two parties and surety bonds are agreements between three parties. Insurance protects the insured against any risk, while surety bonds protect the obligee. Despite the differences, both insurance agencies and surety companies can be public banks or private lenders. Continue reading The Difference Between Surety Bonds and Insurance Plans