Most agents know that bonds are not insurance. However, insureds are often confused about the differences between a bond and an insurance policy. This course will discuss these differences, introduce the various types of surety bonds and discuss the underwriting and unique characteristics of bonds. The emphasis for the majority of the course will be contract bonds including bind bonds, performance and payment bonds, and maintenance bonds. We will review each of these bonds, how they operate and the underwriting requirements. Our discussion will include personal indemnity agreements, financial documentation, contract status reports and much more!
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