Commercial Miscellaneous Bonds are often defined as any private or public bond that cannot be simply classified into another bond category. They are broad in scope and frequently involve a wide variety of risks and obligations that are only defined and determined inside the underlying commitment being bonded. These bonds give financial protection to obligees (the party requiring the bond) by ensuring that the principal (the person or entity purchasing the bond) will carry out their legal or contractual obligations. If the principal fails to fulfill their commitments, the obligee may file a claim against the bond to recover losses.
Following are several common types of Miscellaneous Bonds.
Waste Hauler Bond
A Waste Hauler Bond is a type of surety bond required for businesses or individuals engaged in the collection, transportation, or disposal of waste materials. It serves as a financial guarantee that the waste hauler will comply with all applicable laws, regulations, and contractual obligations related to waste management.
Union Wage & Welfare/Fringe Benefits Bond
A Union Wage & Welfare/Fringe Benefits Bond is a surety bond that guarantees employers (usually contractors) working under union agreements will pay the required wages, benefits, and contributions established in their collective bargaining agreements (CBAs). This bond is often requested by labor unions to protect its members.
Release of Mechanic's Lien Bond
A Release of Mechanic's Lien Bond is a surety bond that removes a mechanic's lien from a property. This bond serves as a financial guarantee to safeguard the lienholder (such as a contractor, subcontractor, or supplier) in the event that their claim for payment is upheld. It enables property owners and other interested parties to liberate their property from the burden of a lien while resolving payment problems.
Janitorial or Dishonesty ("Crime/Theft") Bond
A Janitorial or Dishonesty Bond, also known as a Crime/Theft Bond, is a fidelity bond intended to protect a company's clients against financial damages caused by theft, fraud, or other dishonest acts done by its employees while on the job. This bond is designed for businesses where staff work on the clients' facilities, such as janitorial, cleaning, and maintenance.
Landfill Dumping Fees Bond
A Landfill Dumping Fees Bond is a form of surety bond required by municipalities or landfill operators of those who dispose of waste in landfills. This bond ensures that the bonded party will pay all landfill fees and follow all applicable waste disposal requirements. It provides a financial guarantee to landfill operators or regulatory authorities that taxes will be paid and environmental criteria will be met.
If a specific Miscellaneous Bond is not listed or you need assistance in selecting the right bond, please contact one of our underwriters.