Commercial Miscellaneous Bonds are a broad category of bonds that encompass any private or public bond not easily classified under other bond types. These bonds cover a wide range of risks and obligations that are specifically defined by the underlying agreement being bonded. They provide financial protection to the obligee (the party requiring the bond) by guaranteeing that the principal (the individual or entity obtaining the bond) will meet their legal or contractual responsibilities. In the event the principal fails to fulfill their obligations, the obligee can file a claim against the bond to recover any resulting losses.
Here 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.