surety insurance

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. This post will explain the three parties of a surety bond.
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 …