The Big Secret Surety Bonds

1:47 pm
December 7, 2021

Why doesn’t anyone want us to know about surety bond?

Public Officers are required to obtain a surety bond before taking the oath of office. The bondholder is personally responsible for the liability on the bond if anyone files against their bond.
Depending on the nature of the bond the bondholder could have a personal liability of millions of dollars if anyone filed a claim against their bond.
The bondholder has a personal responsibility for all claims filed against their bond.
The bondholder understands that multiple claims can be filed against their bond. In this case he/she is responsible for paying all the claims filed against their bond.
The bondholder understands that if they had a bond, the bond ended, they are still responsible for claims filed against the bond for up to 2 years.

Surety bonds are different than other types of bonds. The surety bond is a guarantee that the bondholder will follow the laws, perform their duties, and not harm anyone.

In certain states the state will pay the surety bond for the elected official. However, the bond is in the name of the elected official. He is 100% liable for all claims filed against his/her bond.

If you have been harmed or have suffered an injury it is possible that you file a claim directly with the bonding company for personal damages. The bondholder has to respond to your claim. When the damage are paid it is the bondholder who is paying these damages.

Bondholders will never let anyone know they are bonded. They are worried that if the public knew this secret they would all file a claim against their bond.