The Indiana Surety Information Sheet is a form used to provide surety information to the Indiana Department of Insurance. This sheet is used to provide information related to surety bonds, which are a form of insurance that guarantees the performance of a person or business. The form includes information such as the surety company’s name, address, contact information, and a description of the surety bond. There are two types of Indiana Surety Information Sheet: the Surety Information Sheet required for a new surety bond, and the Surety Advance Payment Bond Information Sheet, which is required for an advance payment bond.
Indiana Surety Information Sheet
State:
Indiana
Control #:
IN-AO-104
Format:
PDF
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Surety Information Sheet
How to fill out Indiana Surety Information Sheet?
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FAQ
The $25,000 surety bond in Indiana serves as a financial guarantee that a principal will fulfill their obligations. This bond protects the public from potential losses due to non-compliance. Knowing about this bond is crucial, as it is a key component of the Indiana Surety Information Sheet. By obtaining this bond, you ensure that you meet specific regulatory requirements.
Characteristics of a Surety Bond The principal is the party that the obligee requires to take out the surety bond.The obligee is the party that expects a surety bond as a form of protection.The principal posts collateral with the surety, typically, up to 100% of the bonded amount.
How Do I Get Bonded? In order to get started with your bonding, you can apply online through our simple form for license and contract bonds. If you need a court bond, you need to use the court bond application. As a first step, we will provide you with a free quote on your Indiana surety bond.
Surety bonds are 10 percent of the total bond ordered in a case and must be posted with a licensed bail agent. The bondsman then posts bail with the court on your behalf. This type of bond is not refundable.
A number of these factors fall under what the Surety industry calls ?The Three C's?; Character, Capacity, and Capital. All three of these are important to the underwriting process. The principal needs to exhibit the Character, Capacity, and Capital to qualify for surety credit.
A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).
What Do Indiana Surety Bonds Cost? Surety bonds generally cost 1-15% of the required bond amount.
A Surety Agreement Defined They differ from an insurance contract in that an insurance contract includes two entities (insurance provider and policyholder), whereas a surety bond involves three parties: the Principal, the Obligee and the Surety.
A surety bond is a contract between three parties?the principal (you), the surety (us) and the obligee (the entity requiring the bond)?in which the surety financially guarantees to an obligee that the principal will act in ance with the terms established by the bond.