Bond vs Insurance

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Bond vs Insurance

A surety bond is an agreement between three parties on the execution of a certain contract or claim.

Obligee: An institution requiring a bond.
Principal: The person who needs to buy the bond.
Surety: The institution that financially secures the bond.


A bond secures some claim. It is used in the event that the statement turns out to be incorrect.

Here are some examples:

You bought a car for which you do not have a certificate of ownership. The certificate was lost somewhere… Or you bought a car without a certificate. Then you ask for a bond (title bond) that covers the costs if it turns out that the car is not yours.

Or let’s say Fidelity Bond with which you ensure that the people who work for you will not commit theft or fraud.


Insurance, on the other hand, is a contract between two parties. Insurance provides financial protection against loss. Insurance policies are contracted between police investigators and insurance agencies. An insurance agency secures payouts by holding money from multiple people. As it is impossible for everyone to suffer the maximum damage at once, the insurance agency can cover your loss.

Insurance usually insures property, and if necessary, it can also insure liability for damage or injury you will cause to a third party. 

How do bonds and insurance work?

In both cases, the claims are the same. You file a claim for compensation.

The insurance company conducted an investigation into what exactly happened. When you determine that your insurance policy covers it, and that you have not committed any fraud.

The insurance agency pays losses according to the contracted premiums.  

We are certified for all types of insurance and bonds. We work with almost 100 carriers, which ensures our clients the best coverage and the best price. Get in touch

Bond vs Insurance

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