There are several
types of surety bonds by Talisman Casualty, all of which have the aim of saving you money. Firms that have low risks involved in their business can use these programs to underwrite any potential losses through bonds. These bonds act as a contract between business partners, which helps protect assets in the business world.
Captive cell insurance is growing in status, and has recently been in the business spotlight. It represents the best way for large firms to protect their assets via insurance programs available only to market providers. As a result, the firm ultimately uses another firm to insure itself. To do this, creates a ‘cell’. This cell allows all members to benefit from low costs and high rewards in terms of savings made.
But it doesn’t stop there. You can get different surety programs to meet your business needs, depending on what it is that you do. Let’s look at some of the things you should know about Talisman Casualty’s Surety Program, before you go ahead and invest.
Some Things to Know about Surety Programs for Captives, through Talisman Casualty
Below, we have listed a few things that will help you better understand our surety program for captive cells.
Surety ISN’T Insurance
Surety isn’t insurance per say, although it is mostly provided by insurance companies a large amount of the time. Since it is a big part of the insurance industry, you tend to get it through firms just like ours.
Surety Programs are Personal
A surety program lets those you work with take out a contract to ensure you complete the work you say you will, or vice versa. This means that you will be obliged to pay a fee if you are remiss in your contract. It adds a personal level of alternative financing for captive cells.
There are Different Types of Surety Bonds
Talisman Casualty provides a choice in three different types of Surety Bonds so that we can anticipate and meet all your business underwriting needs. You can choose from Payment and Performance focused bonds, Compliance and Licensing bonds, or Court and Legal ones.
What’s a Payment and Performance Bond?
Usually used by construction industry businesses, this type of surety bond allows a contract between the client and the firm. It ensures that work will be carried out as specified in the contract.
What’s a Compliance and Licensing Bond?
A Compliance and Licensing focused bond will usually be used to help a firm to get licenses or permits.
What’s a Court and Legal Bond?
Court and legal bonds are the ones used to meet bail or deal with other court actions. If a firm requires legal counsel, court bonds might be taken out as protection.
Visit Talisman and Casualty for all your Captive Cell Insurance Needs
We specialize in providing the highest quality of captive cell insurance for your organization. Contact us if you have any questions and one of our expert agents will be happy to help.
