سند الأمانة هو مستند قانوني يُستخدم لضمان أمانة أو ائتمان أو دين مُستحق. يُعتبر هذا السند بمثابة دليل على التزام المدين بسداد المبلغ المُستحق للدائن في وقت محدد. يتضمن عادة تفاصيل حول المبلغ المُستحق، وتاريخ السداد، وشروط الإرجاع. يعمل سند الأمانة كوسيلة لضمان حقوق الدائن وحماية مصالحه في حال عدم سداد المدين.

A surety bond is a type of insurance that protects a person from losses caused by others, such as theft, forgery, fraud, or embezzlement. A surety bond protects clients and others from harmful, unethical, or improper business practices in any way.

Definition and Examples of Surety Bonds

A surety bond is a type of insurance that protects a person from losses caused by others. It is like a guarantee that someone will do what they said they would do. A surety bond insures against theft, forgery, fraud, and embezzlement. A surety bond does not insure bad business practices or injuries or accidents.

Typically, a surety bond involves three parties:

• The person purchasing the bond.
• The person or entity providing the bond (the insurance company).
• The person whose work is being insured.

For example, a service company can purchase a surety bond from an insurance company to insure against losses due to employee dishonesty.

Note: Do not confuse surety bonds with bonds in the investment market. Bonds sold on stock exchanges are debts similar to corporate bonds to the bondholders.

Types of Surety Bonds

ERISA bonds are a specific type of surety bond created under the Employee Retirement Income Security Act to ensure retirement and benefits for employees. ERISA requires employee benefit and retirement plans to be covered by a surety bond. Just as a general surety bond protects the company, an ERISA bond protects the plan from losses caused by fraud or dishonesty by plan officials and others handling plan funds.

Similar to ERISA bonds, nonprofit organizations use surety bonds to protect themselves from dishonest employees.

Surety Bonds vs. Guarantee Bonds

Guarantee bonds are similar to surety bonds but are promises to be responsible for another person’s debt or non-performance or failure. A guarantee bond includes three parties:

• The guarantor, who promises the performance or obligation of the second party.
• The principal party, the second party.
• The beneficiary or owner, the third party purchasing the bond.

Some types of guarantee bonds include court bonds, notary bonds, licensing and permit bonds, and general liability bonds.

How Does a Surety Bond Work?

Surety bonds are insurance products sold by insurance companies, and the surety bond process is regulated by state and local municipalities. To find out the cost of a bond or to purchase one, contact any licensed insurance agent in your state.

The cost of the bond depends on the amount of coverage required. It also depends on your state’s minimum requirements for your type of business, the risk of loss, and your profession.

Note: According to Insureon, a business insurance company, the average cost for surety bond coverage for small businesses is $1,055 per year.

Here are some examples of state regulations regarding surety bonds:

• Nevada regulates surety bonds for credit unions. Surety companies (insurance companies) must be state-approved by obtaining a certificate of authority before selling surety bonds for credit unions. The state also ensures that coverage is sufficient to “provide appropriate protection” for credit union clients.
• Maryland regulations include licensing for security system agencies and technicians. To obtain a license, applicants for the agency must have a surety bond of at least $50,000 to cover employees who will provide security system services.

Why Obtain a Surety Bond?

Some states and municipalities require bonding for specific professions. For instance, notaries public must post surety bonds in 31 states. The bond does not protect the notary public; it protects the person receiving the services of the notary.

Other types of bonds, such as the ERISA bonds described above, are required by government agencies for individuals handling money or other property.

Get

Many service-providing companies opt for fidelity bonds because it allows them to limit their liability for employees’ actions by purchasing this specific type of insurance. Purchasing a fidelity bond is also a good way to assure your clients that you have their interests in mind, as they know they are protected from losses.

Key Takeaways

• Fidelity bonds are a type of insurance that protects clients from losses resulting from fraud, dishonesty, or illegal acts by employees and others in positions of trust.
• A fidelity bond involves an insurance company, a purchaser, and individuals whose actions could cause loss.
• States and municipalities regulate the sale of fidelity bonds, specifying minimum coverage amounts and requiring individuals in certain professions to be insured.
• The costs of fidelity bonds vary based on state minimums and the type of business or profession.

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Sources:

• Insureon. “How Much Do Fidelity Bonds Cost?”
• Nevada Administrative Code. “NAC-678.030 – Fidelity Bonds: General Requirements.”
• Maryland Code of Regulations. “29.04.05.14 – Employer Bond or Insurance.”
• National Notary Association. “Notary Surety Bonds: FAQs.”

Source: https://www.thebalancemoney.com/what-is-a-fidelity-bond-5188755