A court surety bond is a blanket term for all surety bonds that are required for proceedings in a court of law. These bonds are used to ensure the fulfillment of a court-appointed task or reduce the risk of financial loss. They have a multitude of purposes but can be divided into two categories: Judicial and Fiduciary bonds.
Judiciary Surety Bonds are used in civil court cases and typically protect against financial loss as a result of a court ruling. A plaintiff or defendant may be required to provide a surety bond to protect the other party from loss because of a judge’s decision prior to final judgement. The underwriting process for this type of bond can be rigorous due to the underwriter’s inability to easily predict the outcome of court rulings, making this type of bond difficult to qualify for. The most common judiciary bonds are appeal bonds, bail bonds and cost surety bonds.
Fiduciary Surety Bonds, also known as probate bonds, are required for individuals appointed by the court to care for others or manage other’s assets. These bonds guarantee that the individual appointed by the court will fulfill their duties, per the court’s expectations, and ethically handle assets assigned to them. This bond will typically cover the amount of assets the person is handling to ensure proper protection. The most common fiduciary bonds are custodian bonds, executor bonds and guardianship bonds.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.