Talisman Casualty Explains Who Owns An Obligation For A Surety Bond

January 14, 2020 – – Las Vegas, Nevada based Talisman Casualty Insurance Company is reaching out to their clients and interested parties alike to explain where obligations lie when two parties enter a surety bond (with a guarantor being involved as well). Learn more about the insurance specialist, their services, the clients they take on, and much more here: Who Owns Talisman Casualty.

Talisman Casualty Insurance Company is a protected cell captive insurance company that serves the specialty insurance sector by offering protected cells to underwriters who have seasoned books of business (and need a regulated vehicle to transfer risk and direct access to capacity through reinsurance and alternative risk finance markets). All coverage provided by Talisman is commercial, only available to businesses that participate in an underwriting cell. As such, they have a wealth of experience in the insurance industry that they are eager to share with the members of the communities they serve.

The firm begins by ensuring that all their clients are aware of the basic nature of a surety bond and the purpose it fulfills. They hope that explaining how the concept works will help both their clients and partners find the insurance package they are looking for as well as enter into such agreements knowing all the possible ramifications that each party involved faces. According to the firm, “A surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal’s failure to meet the obligation.”

Surety bonds come in a variety of forms, and the firm observes that they are technically not classified as insurance (despite them primarily being offered by insurance providers and similar entities in the industry). As they clarify, “The risk is typically underwritten with no expected losses. The relationship between principal and surety is often much closer than other forms of insurance.” Surety bonds can be offered as Payment and Performance bonds, Compliance and Licensing bonds, and Court and Legal Bonds, each of which have unique functions and are tailored for specific situations (as indicated by their labels).

“Payment and Performance bonds are often used in the construction industry as a form of protection for an owner that their contractor will complete the job according to the contract and he will pay all of his subs and suppliers,” explains the firm. Performance bonds are enacted in order to add a layer of protection for the project owner (in federal and state projects, these bonds also protect the state) in the event that the hired contractor does not carry out their work as stipulated in the bonded contract. Payment bonds, however, help ensure that subcontractors, suppliers, or laborers hired by a contractor will be justly remunerated for their work, again as stipulated.

Those interested in learning more on the subject, including the remaining classifications of surety bonds, are welcome to reach out to Talisman Casualty’s experts in order to pursue any further inquiries. They consider it their mission to educate their clients as much as possible to ensure that transparency is maintained at every moment. Talisman Casualty notes that this commitment is a key factor in the success that they share with their clients. As such, they are pleased to invite the businesses they partner with to share a Talisman Casualty rating on their preferred social media networks or dedicated review platform so that others may benefit from the firm’s specialized work in captive insurance.

Talisman Casualty Insurance Company is always on hand to answer any and all questions directed their way by prospective clients. Their customer service team can be reached via phone or email, and their website hosts a convenient contact form that visitors can use to quickly get in touch with the company. Interested parties are encouraged to call today in order to speak with a broker in their area.

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For more information about Talisman Casualty Insurance Company, contact the company here:

Talisman Casualty Insurance Company
800-318-5317
info@talismancasualty.com
Talisman Casualty Insurance Company
7881 W. Charleston Blvd, Suite 210 Las Vegas, NV 89117

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