The different types of bonds categorized under commercial surety bonds include:
Court judicial bonds: A court judicial bond is a term generally used to describe different types of bonds that may be required in court proceedings. Some of the most popular types of commercial bonds include estate bonds, probate bonds, executor bonds, etc. These bonds protect the participants in legal matters against various fraudulent activities.
License and permit bonds: License and permit bonds include all types of surety bonds required by an obligee in order for the principal to get hold of a license for carrying out some particular type of work within a specific jurisdiction. Some of the popular types of license and permit bonds are mortgage broker bonds, insurance agent bonds, auto dealer bonds, and surplus lines agent bonds.
Public official bonds: Public official bonds are the surety bonds related to public officials. These bonds provide a guarantee that public officials will perform their duties honestly and faithfully. Some popular types of public official bonds include county clerk bonds, notary bonds, tax collector bonds, and treasurer bonds.
Apart from the bonds listed above, commercial surety bonds are also comprised of various miscellaneous bonds that provide guarantees of financial performance.
