Put simply, indemnity is security or protection against a loss. Indemnification is most often referred to as ‘to hold harmless’, usually in reference to one’s actions.
Many high-risk activities, like skydiving or heli-skiing, require individuals to sign an indemnity agreement before they can participate. This protects the business or company from liability if there is an accident.
What is a Bail Bond & how do they work? Facebook Twitter LinkedIn We’ve all heard on the news, “So-and-so has been released on $50,000 bail.” But what does this really mean? What is a bail? How does it differ…
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When an individual cannot manage their financial affairs, a Conservator might be appointed.
A Conservator is a court-appointed fiduciary who takes care of real estate, manages bank accounts, and handles investments for an individual who can no longer manage those on his/her own.
To ensure a Conservator follows through with their duties, the court might require the Conservator to get a Conservatorship Bond.
To understand Fiduciary Bonds, it is important to understand what, or who rather, a fiduciary is.
The term probate refers to a legal process that governs the distribution of a person’s assets upon their death. The probate process includes:
The probate process helps an individual transfer and disperse of assets in an orderly and supervised manner. One way to think about the probate process is that it acts as ‘the script’ for how things go after an individual passes away.
Want to learn more about the probate process? Check out this post on how the probate process works.
There are situations where you might have secured a surety bond, only to find out you no longer need it or you would like your money back. Is this possible? Can you get a refund for a surety bond you’ve already purchased?
The short answer is: it depends.
Please note that this post is a generic overview about getting money back for all types of surety bonds. If you are looking for information on getting money back specifically for a Bail Bond or a Probate Bond, please read our respective articles:
On June 29th, 2015, New York City passed the Car Wash Accountability Act. This Act was passed to mandate and establish higher accountability and requirements for car wash operators in NYC.
The Car Wash Accountability Act, which went into effect on December 26, 2015, requires all car wash operators to obtain a license and bond before they are legally allowed to operate in the city.
After some revisions of the law, the New York Department of Consumer Affairs has begun accepting applications for car wash licenses and will begin enforcing the Car Wash Accountability Act on December 4, 2017.
A surety bond cannot be cashed. A common misconception is that surety bonds function similarly to an investment-type bond or savings bonds. These products are very different.
This blog post was originally inspired by an Arvo post and a Quora post.
If you want to protect your business from employee theft and fraud, you might want to get an Employee Dishonesty Bond.
NOTE: If you are looking to protect your customers from theft by your employees, please see our Business Service/Janitorial Bond post. This post is only about protecting your business from theft by your employees. Your customers are not covered with an Employee Dishonesty Bond.
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