COMMERCIAL SURETY

Gray Surety writes Commercial Surety in both The Gray Casualty & Surety Company and The Gray Insurance Company.  The companies are admitted in the following states for the production of Commercial Surety:

The purpose of most Commercial Surety (or Miscellaneous Surety) bonds is to satisfy government requirements for security. They guarantee compliance with obligations imposed upon principals (applicants) by law. Other bonds grow out of private and corporate needs.

Gray Surety provides a wide variety of Commercial Surety products.  Below is a small sampling of the types of bonds that are available.

License & Permit Bonds

Bonds required by state law, municipal ordinance or any other statutory type regulation by a governmental entity as a condition precedent to granting a license to engage in a particular business or the granting of a permit to exercise a particular privilege.

Fiduciary Bonds

These bonds are required of administrators, executors, guardians, trustees, and committees. The bond guarantees an honest accounting and faithful and legal performance of duties such as managing the affairs of others or distributing a deceased’s assets. Fiduciary bonds which are sometimes referred to as probate bonds are required by statutes, courts, or legal documents for the protection of those who are acting in the capacity of a fiduciary.

Court Bonds

All bonds and undertakings required of litigants to enable them to pursue remedies made permissible by the courts. These type of bonds fall into two broad classifications. A plaintiff bond guarantees payment of damages suffered if an action is decided in favor of a defendant. A defendant bond guarantees payment of damages suffered if an action is decided in favor of the plaintiff. In either case, the court determines the amount of the bond(s).

Public Official Bonds

Public official bonds are bonds guaranteeing public official’s faithful performance of duty. These bonds are required by law or statute of the respective municipality, parish, county or state. Bonds falling under this line of business include Mayors, Clerks, Treasurer, Tax Collector, Deputies and notaries.

Miscellaneous Indemnity Bonds

These bonds guarantee a principal will perform a defined agreement. It is often used as term to refer to bonds which do not fit any of the other categories of Commercial Surety Bonds.