Monthly Archives October 2016

Difference between Insurance and Bonding

Main Differences between Insurance and Bonding We are often asked what it means to be insured as opposed to being bonded. We have outlined some basic information below to help those interested in obtaining insurance or bonding understand the key differences between the two. -The Contract Insurance is a form of risk management.  It is a two-party contract between the insured and the insurance company.  The insurance policy assumes a guaranteed promise that the insured will be compensated by the insurance company in the case of a covered loss. A Surety bond is a contract among at least three parties.  It
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