Surety bonds are a very different type of insurance. The bond insures the party asking for the bond rather than you, the person buying the bond.

Think of a surety bond as paying an insurance company to be your cosigner. The bond is your guarantee you'll do something, such as pay a bill, obey set rules or complete a job.

The surety bond requires you pay the insurance company back if a valid claim is made against your guarantee. The insurance company is co-signing for you, they're not insuring you.

You're being insured against your potential failure with the group that told you to get the bond. Any losses or damages incurred, the insurance company passes those right back on to you.

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Surety bonds are underwritten a bit more like a loan or credit card.

Sure, some types of bonds are simple to get by answering just a few questions. Other types of bonds require more questions and supporting information to qualify. But just as if you were applying for a credit line of $5,000 or $50,000, the bank would ask more questions to determine if you're a qualified applicant.

These questions will also determine the annual cost (rate) to you. The stronger your credit, financial information or experience performing the obligation, the lower the cost as the surety company isn't taking as much risk guaranteeing your performance or responsibilities.

So, what can you expect from the process of getting a surety bond?

To summarize, surety bonds are a type of guarantee, where the insurance company is guaranteeing your actions.

The scope of the guarantee will really determine your application process and cost.

Some examples:

A notary is guaranteeing someone's identity when they sign a document.

A person applying for a lost title bond is guaranteeing their vehicle belongs to them.

A contractor is guaranteeing they are going to obey all the laws and regulations in their state. They will pay all of their suppliers in a timely manner, provide satisfactory craftsmanship and finish all of the work they've been paid to do within a certain timeframe.

Regardless of the surety bond type or size you need, we've issued them all! Get started with your online application by visiting suretysolutions.com.

You may be downloading your bond in just 5 minutes or less.

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