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Surety bonds are insurance products. The difference between these insurance from other is that surety bonds do not protect the person purchasing the coverage but provide coverage for a third party. A surety bond guarantees that your business, as the purchaser (Principal) of the insurance, will deliver or perform your business as required by the third party (Obligee).

If you run a business that has to fulfill requirements of local or state governments or has to obtain a certain kind of licence, Obligees may ask for a security insurance product from you before doing business with you. The bond and the insurance policy are both tools of transferring risk and providing funds if there are any financial loss.

Here is how surety bonds usually work:

- The Principal and the Guarantee enter into a contract, where a promise to reimburse is involved, should there be a case of a default of obligation to the Obligee.

- If the Principal defaults, the Guarantee will provide the agreed amount of money to the Obligee.

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Tags: Bond, Surety Bond

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As banks continue their efforts to try to lure more customers into opening accounts, many are now turning in greater numbers to those consumers who have subpar credit ratings.

New data from Equifax shows the number of new credit card accounts issued to subprime borrowers jumped 64 percent in the first half of the year to a total of 5.4 million, according to a report from Dow Jones Newswires. However, that rate is still well below the 14.7 million cards issued to those with credit scores below 660 in the same period in 2007, before the onset of the national recession.

Data from Synovate illustrates that Citi was the most active in granting accounts to subprime borrowers, accounting for about one-third of all offers sent to those consumers in the third quarter of the year, the report said. Read more…