What is a Surety bond and how does it work?
A Surety bond consists of three parties:
The Principal: a person required to file purchase and file a bond
The Surety Company: the insurance company providing the financial guarantee.
The Obligee: the government agency requiring the bond
A Surety bond is a financial guarantee to an interested party (usually a government agency) that a named person or business, the “Principal”, will act in accordance with certain laws. If those terms are broken, the harmed party can make claim on the surety bond to recover their losses.
In the case of a paid loss or claim, the “Surety Company" has the right to reimbursement from the principal.
Ashton Agency has been writing bonds since 1968. We understand your needs, and we work hard to get you the best price possible. We provide a number of different types of bonds across most of the United States. You can browse our bonds by type or by state. Once you have found the bond you need, simply fill out our application and we will get a quote to you within one business day in most cases.
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