Timeline for Performance bonds vs insurance
Current License: CC BY-SA 4.0
6 events
| when toggle format | what | by | license | comment | |
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| Aug 20, 2020 at 4:35 | comment | added | ohwilleke | In addition to cost, a bond frequently covers a loss like non-performance of a contractual duty, that is not an insurable risk. The bond premium is a fee paid to the bonding company that is non-refundable in addition to any security for the indemnity liability to the surety and in addition to any indemnity liability itself to the surety. It is a service fee. | |
| Mar 23, 2020 at 2:20 | history | edited | Dale M♦ | CC BY-SA 4.0 |
added 193 characters in body
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| Mar 23, 2020 at 1:32 | comment | added | VMMF | What do you mean bond premium? Isn't any money given by the surety to the obligee later return by the principal to the surety? | |
| Mar 22, 2020 at 20:35 | comment | added | Dale M♦ | @VMMF as I said, they cost less $30,000 insurance premium vs $800 bond premium. | |
| Mar 22, 2020 at 19:52 | comment | added | VMMF | If as a contractor(principal) you will be required to repay to the surety for any losses that the surety had to pay to the owner(obligee). What are the advantages of a bond? | |
| Mar 22, 2020 at 12:08 | history | answered | Dale M♦ | CC BY-SA 4.0 |