Buying a Court &Fiduciary bond has never been easier before, especially in Florida. However, now you can purchase a bond online! Yes, you heard it right. No more you need to purchase piles of documents. It’s simpler now and has been made easily available to the contractors. To purchase the bond, all you need to do is, complete the application online, proceed to checkout, and print out the document. Now, what exactly is a Fiduciary bond? Who needs it? Let’s find out.
What are a Court and Fiduciary bond?
While surety bonds existed for quite a long time now, not all people (business owners, fiduciaries, etc.) are completely aware of it. Well, there’s nothing complex in it. A court and Fiduciary bond is an assurance provided to the beneficiaries, project owners, creditors and other responsible parties when the fiduciary fails to perform as promised. In fact, the bond provides assurance to the obligee that if the fiduciary (person or contractor responsible for taking up a task) fails to perform, the obligee may file a case in the probe court.
So, you can term the bond as a type of insurance. Now, who needs this bond? Well, any contractor, business owner, executor, trustee, guardian, administrator, or any other person who has responsibilities to the obligee needs a Court & Fiduciary bond.The bond is issued by a third party (the company who provides surety bond), purchased by the principal (the fiduciary) and provided to the court where the case is being filed. In this way, consumer interests are protected.
The procedure to purchase the bond
Generally, the traditional purchase method requires you to buy the physical documents. In that process, you would need to handle a lot of documents and provide it to the responsible parties. However, with the advancement of technology, you can now purchase the bond instantly.
- First, go to the website of the surety bond provider, and proceed to fill up the application.
- Choose the type of bond you want to purchase. Fill up other necessary details, and proceed to check out.
- After you have paid the money in full, print out the application. That’s it. You have successfully purchased a bond.
Court & Fiduciary bond is important, especially when you consider yourself as a responsible fiduciary. Not only the bond protects the interests of project owners or other responsible parties, it also increases your value as the principal.