WHO’S ON FIRST? UNDERSTAND SURETY BONDING TERMS
Steve Golia
![Steve Golia]()
Steve Golia
VP of Underwriting, Director of FIA Surety School, Marketing Manager. Bonding teacher, trainer and underwriter. Grader and author for the AFSB designation and author of the SECRETS OF BONDING available at Amazon.com.
The world of surety bonding may seem mysterious and complex. Let’s face it, it’s not like insurance. It’s actually more similar to banking. No wonder the subject is not well understood by the very people who need to know.
In this article we will cover some of the basics such as who the parties are and what they do so the subject does not seem so foreign.
Who is the “insured”? The insured is the party buying insurance. Therefore, in bonding there is no insured, instead there is a “principal.” Read more: https://bondingpros.biz/2015/02/12/secret-82-whos-on-first-understand-surety-bonding-terms/