Commercial bonds are so named because these are usually required from commercial organizations. These bonds are meant to ensure that businesses follow ethical practices and consumers are protected. You can get a commercial surety bond Florida from a licensed surety company.
There are different types of commercial bonds that can be broadly divided into:
License and permit bonds: These bonds are usually required from professionals who need a license to work, such as contractors, plumbers, and electricians. The license and permit bonds ensure that the licensed professional follows the codes and regulations of his/her profession. It is meant to ensure that the consumer’s interests are protected.
Public official bonds: These bonds are typically required to be held by public officials in positions of power particularly where the office deals with sensitive information. This includes judges, mayors, sheriffs, and treasurers. The purpose of the bond is to see that the official does not abuse its power. The public official bond is very important to ensure that the government works smoothly and in an ethical manner.
Court bonds: Broadly speaking, court bonds include judicial and fiduciary bonds. Judicial bonds are associated with litigation and both parties may be required to file a bond to ensure they carry out the court’s judgment. Fiduciary bonds are related to probate court and are required where a person is entrusted with the care of another’s property. The bond ensures that the fiduciary will carry out his/her duties faithfully.
Miscellaneous bonds: These are the commercial surety bonds Florida that do not fit under any other category. This includes alcohol bonds, warehouse bonds, fuel tax bonds, auto dealer bonds, lottery bonds, auctioneer bonds, utility bonds and more. Broadly speaking, these bonds are meant to ensure that the principal follows rules and regulations of his/her field.
