South Western Group has extensive experience in commercial surety bond placement. The following is a brief description of some of the Commercial Surety bonds we are typically asked to provide.
LICENSE AND PERMIT BONDS:
These bonds are used to qualify those who wish to obtain a license or a permit to engage in a particular business. License and Permit bonds guarantee compliance with the statute, by-law or regulation under which the principal is compelled to act.
- Alberta General Surety Bond (Direct Sellers/Auction Sales/Collection Agents)
- Carnet Bonds
- Collection Agents (BC excepted)
- Contractors Licensed Bond
- Motor Vehicle Dealers (QC – Police collective excepted)
- Private Investigators & Security Guards
- Real Estate Brokers
- Securities Act Bonds
CUSTOMS AND EXCISE BONDS:
Customs and Excise Bonds are for the benefit of the federal government and guarantee that the principal will pay either taxes or duties or both when invoiced by the government.
- Customs Bonded Highway Carrier
- Customs Bonded Freight Forwarder
- Customs Bonded Warehouse
- Customs Sufferance Warehouse
- Display Goods Temporary Importation
- Duty Free Shop
- Excise Act
- Release of Goods Prior to Payment
- Non-Resident GST
- Other authorities may be accepted – refer to South Western Group
Note: The first year premium is considered fully earned. A pro-rated return premium will be issued in subsequent years, upon receipt of the original bond delivered up for cancellation.
Administration, Foreign Executor Bonds are required by the courts to guarantee compliance with the law for faithful performance of duties.
Guardianship/Committee Bonds are required to protect the incapable person or minor person from financial loss should the guardian/committee fail to perform his/her duties in the manner prescribed by law.
LOST INSTRUMENT BONDS:
Open Penalty or Fixed Penalty Lost Instrument Bonds:
A Lost Instrument Bond is required when a person or corporation has lost, mislaid, destroyed or had stolen an original publicly traded stock certificate that evidences ownership.
Waiver of Probate Bonds:
A waiver of Probate Bond is required when a deceased’s estate requires a transfer of assets (stock certificates, investment/mutual fund accounts) to the beneficial heir/s of the estate without the production of Letters of Probate or Letters of Administration.
Minimum premium = $375.00
Rate = $20.00 per $1,000 per annum