Travelers Guarantee has extensive expertise in Commercial Surety bonding. The following is a brief description of some of the Commercial Surety bonds we are typically asked to provide.
Fiduciary Bonds
Fiduciary Bonds comply with probate and bankruptcy needs. They are often handled by lawyers whose clients are required to file security to comply with the courts or the Public Guardian and Trustee. These bonds guarantee compliance with the requirements of law for faithful performance of duties.
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Licence and Permit Bonds
These bonds are used to qualify those who wish to obtain a licence or a permit to exercise a particular privilege or engage in a particular business. Licence and permit bonds guarantee compliance with the statute, by law or regulation under which the principal is compelled to act. The laws are meant to protect the public against incompetence, misrepresentation, fraudulent dealings, physical damage, or bodily harm.
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Lost Instrument Bonds
A Lost Instrument Bond is required when a person or corporation has lost, mislaid or destroyed an original document that evidences ownership. Such instruments can be certificates of stock ownership, life insurance policies, common or preferred stock as well as federal, provincial, municipal, or corporate bonds. The bond of indemnity, as it is also called, provides that the issuer of the replacement security will not suffer economic loss should the lost instrument turn up later.
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Waiver of Probate Bonds (Letter of Indemnity)
A Bond for the Waiver of the Production of Letters Probate or Letters of Administration is required when a deceased person's estate requests a transfer of liquid assets (Certificates of Stock Ownership common, preferred, federal bonds, provincial bonds or municipal bonds as well as Mutual Fund Accounts, Investment Accounts, and Bank Accounts) registered to and / or belonging to a deceased person without the production of Letters of Probate or Letters of Administration. In most situations it is more economical to pay the bond premium than to pay the Probate Fees.
In all cases, this request for posting of a Waiver of Probate bond is required by the financial institution (Issuing Stock Company, Transfer Agent, Mutual Fund Dealer, Investment Dealer, Banking Institution). Since the Last Will and Testament has not been Probated or Letters of Administration have not been granted, the ultimate beneficiary(ies) / heir(s) is required to provide supporting documentation to verify they are entitled to the estate asset(s) held by the financial institution requesting the bond.
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Customs and Excise Bonds
Customs and Excise Bonds are for the benefit of the federal government and guarantee that either taxes or duties or both will be paid by the principal when invoiced by the government.
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This multi-purpose bond is required for the following activities:
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Customs Brokers Licensing Regulations
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Temporary Importation Regulations
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Transportation of Goods Regulations
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Display Goods Temporary Importation Regulations
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Customs Bonded Warehouse Regulations
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Commercial Samples Remission Order
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Customs Sufferance Warehouse Regulations
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Accounting for Imported Goods and Payment of Duties
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Duty Free Shop Regulations
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Other authorities may be accepted
