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Explanation on being "bonded"
Posted on 7/13/16 at 1:33 pm
Posted on 7/13/16 at 1:33 pm
So the parish is making me get bonded to have timber cleared on property in case of road damage from the trucks. Is this basically getting insurance, they pay for any damage up to the amount of the bond?
TIA
TIA
3
Posted on 7/13/16 at 2:01 pm to GREENHEAD22
Oversimplification is a bond is insurance for them, not you, and even though the bonding company writes the bond, if it get surrendered or defaults, you have to pay the surety back.
Posted on 7/13/16 at 2:08 pm to Iowa Golfer
So basically if my bond is 30K and the road is damaged, the bond holder pays the parish and I am on the hook to the bond company for the damage cost.
Posted on 7/13/16 at 3:10 pm to GREENHEAD22
Its basically you paying their insurance, because if you cause the damage they want to have the money guaranteed to fix it.
Posted on 7/13/16 at 3:32 pm to GREENHEAD22
quote:
So basically if my bond is 30K and the road is damaged, the bond holder pays the parish and I am on the hook to the bond company for the damage cost
thing of it like a bail bonds, they get monies back when you go back to court and all.
also, lots of times for higher bonds, the bond company can ask for collateral etc when issuing bond.
Posted on 7/13/16 at 3:56 pm to baldona
Exactly, they pay up front any damage cost to the parish then I am responsible to pay them back, them being the bond holder.
Posted on 7/13/16 at 4:12 pm to GREENHEAD22
I think that's probably correct.
Posted on 7/13/16 at 7:45 pm to GREENHEAD22
Dont damage the road, and I guarantee it will be real easy to figure out
Posted on 7/13/16 at 7:47 pm to GREENHEAD22
It is just a mechanism to ensure you cover up to xxxxx (bond amount) if you incur those costs to the county
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