A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).
The main difference between surety bonds and insurance is who the policy protects. A bond functions as a form of credit for you, the policyholder, and is intended to protect the public (i.e., your customers) from financial harm.
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