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Fidelity and Surety Bonds are agreements between one party, "the surety," to answer to a third person, "the obligee," for the debt or default of another party, referred to as the "principal." In other words, the "surety," who is usually an insurance company, guarantees a certain type of conduct on behalf of the "principal," and if that conduct is not completed or fails, then the "surety" or insurance company is responsible to make payment to the "obligee."
Fidelity bonds protect the "obligee" against dishonesty on the part of his or her employees and are often referred to as "Employee Dishonest Insurance."
Surety bonds "guarantee" the performance of the person being bonded and that person's ability and financial capacity to complete the obligations stated within the contract. Surety Bond types include: Contract Bonds, Court Bonds, License and Permit Bonds, Public Official Bonds, and Miscellaneous Bonds.
All policies contain limitations and exclusions. This description is general in scope and the specific policy language must be referred to in actual determination of coverage. Please consult your account advisor with questions.
Turner Barker Insurance is a subsidiary of Gorham Savings Bank.
Insurance products are offered through Turner Barker Insurance.
Product offerings and insurance sold are not deposit obligations of, nor
guaranteed by the Bank and are not covered by Federal Deposit Insurance.
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