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Surety Bonds Facts

The Top 3 ERISA Fidelity Bond Questions Answered

Question 1: What is an ERISA fidelity bond and why do I need it?
The Employee Retirement Income Security Act, referred to as ERISA, provides specific guidelines and standards for employee benefit plans for the private sector and for individuals who manage and control their own assets and investments. The U.S. Department of Labor manages ERISA in order to ensure the …

 

A Guide to Parking Lot Tax Bond

Businesses that engage in operating parking lots are required to get a parking lot tax bond. The bond ensures that loss from theft, damage, and taking of a vehicle that is in custody of the parking lot owner/operator will be repaid to the customer. Each city and county within a state requires a particular form of a parking lot tax …

 

car wash surety bonds

A Car Wash Surety Bond Explained

Employees Benefit from this Bond
Car washes need to be bonded with a car wash surety bond in order to comply with state, city, or county laws and regulations. Employees benefit from this bond since it protects employees from their employers taking advantage of them financially and legally. With this bond, employees are guaranteed full earned wages, fringe benefits, gratuities, and …

 

Benefits of a Wage & Welfare Surety Bond

Unions require this bond in order for them to be able to negotiate collective bargaining agreements with companies. If a union member does not abide by the obligations stated in the bond, the bond amount can be used to repay claims for wages, salaries, fringe benefits and compensation for services. Union dues and benefits are guaranteed to be paid by …

 

The 3 Parties of a Surety Bond

The Three Parties of a Surety Bond

While surety bonds are considered an insurance product, they’re actually very different. Insurance is a two-party contract, while a surety bond is a three-party contract.
With insurance, the two parties are the insured and the insurance company. If the insured suffers a covered loss, the insurance company pays the insured.
A surety bond, on the other hand, is a three-party obligation. …

 

What is an ERISA Bond?

What is an ERISA Bond?

An ERISA surety bond is a type of fidelity bond. A fidelity bond is an employee dishonesty bond, where a business can make a claim if its employees steal from it. Proof of loss does not include a conviction clause.
The ERISA specific fidelity bond covers the 401k, pension, or other employee benefit plans sponsored by a business. The bond is required as part of the Employee Retirement Income Security Act. …

 

Fiduciary Surety Bonds Explained

What is a Fiduciary Surety Bond?
The purpose of a fiduciary surety bond is to protect anyone who might have an interest in an estate or property from any loss that is caused by unacceptable acts of the fiduciary. Parties with an interest in an estate may include children, incompetents, creditors, heirs, or other beneficiaries. Fiduciary surety bonds can also …