Underwriters are beginning to ask what I’ve come to term, “The COVID-19 Questions”. They are great questions. The problem is that most of us do not have the answers.
When insurance coverage is required by specifications and you intend to win that job, your decision to buy the insurance is easy. The hard part is finding the right coverage at the best price. But, what about the optional coverages? I’m not talking about coverage for buildings, equipment, and property. I’m talking about protecting your reputation, your family, your livelihood, and the livelihood of your business partners and employees – the most important assets of all!
We are often asked questions as to why a surety needs personal information when qualifying a company for a bond. This all has to do with the principle of indemnity. The surety bond product itself would cease to exist without this principle. In this post, we will try and address the most frequently asked questions in regards to personal guaranty and indemnity agreements.