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Generally speaking, court bonds, also known as Judicial Bonds, protect against a loss to the court or opposition. By definition, court bond refers to any court ordered bond. There are many types of bonds with different underwriting criteria.
When a court makes a financial judgment and an appeal has been made, the court will order an appeal bond to be in place to protect the original financial judgment. This is for two reasons. One to guarantee the awarded party payment if the appeal is lost, and two is to hopefully stop time-wasting appeals.
An Injunction is a good example of a plaintiff bond. This is where the court stops another from continuing an action in question.
These bonds are required of the appointed guardian of assets benefiting an incapable person or entity. Often times you will see this when a minor’s parents have passed and assets have been left to the minor. The bond guarantees that the responsible party (new guardian or responsible adult/facilitator of the assets) will manage those assets in the minor’s best interest until an adult. These bonds can also be used for any incapable situation. The physically or mentally incapable, elderly or other reason for a court to deem someone incapable of correctly managing their own assets is a few examples.
Probate bonds are required by the person who has been given the responsibility to distribute assets of one’s estate. There is an assumed fiduciary responsibility by the executor and this bond is to protect the estate’s assets from misuse.
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While we are located in Phoenix, AZ, we are capable of writing any bond in ALL 50 states. With a team of people who have over 50 years of combined surety experience, we can handle all of your bonding needs. Whether it is a court bond or a contract bond, our team has the solutions for you and your business. As small business owners ourselves, we know the importance of creating lasting working relationships with our clients. We get to know you and your business so that we can better provide you with the right answers every time. Our team is dedicated to helping each of our clients get the bonds they need FAST.
We make sure that you feel like you are working with friends. When other sureties treat you like just another number, we make sure that you know how valued you are as a client. Here at The Surety Place, we have made it our mission to say yes when everyone else has told you no. As one of the only true specialists within the industry, we supply access, partnerships and specialty programs with numerous “A” rated sureties across the nation. We are here to help you service all your bonding needs with no appointments or contracts necessary.
Because of our industry knowledge and expertise coupled with our ever-increasing specialty programs, we have the unique ability to write your bonds when no one else can, and because of our relationship with you, we will stand behind you in support to achieve your agency or business objectives.
Our team is available to help answer all of your questions about court bonds or any other bond type you may need. Call today to get your bonding process started!