Bond Types that Need Explaining!
Bond types across industries are so numerous and complicated that many require a lot of explaining. The best way to get your head around what coverage you need is to consult an insurance agent. However in the meantime let’s explain a few of the more obscure bond types.
Parking Lot License Bond
A parking lot license bond is required of any business that operates valet parking (hotels, restaurants, bars, etc). The parking lot bond protects the holder from financial loss related to theft or damage done to the vehicle while in the care of the business.
Pest control bond
A pest control bond ensures that exterminators will perform their duties to an acceptable standard and will pay any damages that result from fraud or abuse of their license. For example, if an exterminator claims to have dealt with an infestation, that subsequently is discovered to have continued, the pest control bond protects the customer.
Restoration Bonds
Restoration bonds are necessary for mining projects. These bond types ensure that public health and safety will be prioritized for the duration of the project, and that land mined will be restored to its previous state upon completion.
Do not call bond
A do not call bond is a must for all businesses involved in telemarketing. The DNC bond can be appealed to by the consumer should telemarketers fail to provide the goods or services they’ve described over the phone. These bond types are also called telemarketing bonds.
Driving School Bond
All driving schools are required to possess driving school bonds to ensure that they will not commit fraud, or make fraudulent representations to their students that could lead to monetary loss.
Dry cleaners bond
A dry cleaners bond assures clients that their clothes will be returned to them without any damage caused deliberately, by negligence or otherwise.
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