People apply for a broad assortment of surety bonds in Nevada. The exact type of bond you might need depends on your specific circumstances. Understanding the differences between the kinds of bonds available may help you to determine what type is appropriate for you. Remember that you can always consult a surety provider for information on getting a surety bond if you need one. Call us at 800.863.3210 today and we’ll advise you as to what type of bonding in Nevada you need.
What Are Surety Bonds?
If you are completely unfamiliar with bonds, it is important to make the distinction between financial bonds and surety bonds. Financial bonds are the kinds of bonds people purchase as investments. These are entirely different from surety bonds.
Nevada surety bonds serve as insurance against financial loss in the state of Nevada. A person who buys a surety bond is a principal. If that person is required by an individual or agency to get a surety bond, the individual or agency is called an obligee. The company that provides the surety bond is referred to as the surety.
Not all surety bonds are obtained as a requirement. Many people and businesses purchase business services surety bonds as a way of securing more customers. An example of this would be a contractor who gets a Nevada surety bond to instill confidence in potential clients. Customers may feel more confident about hiring a contractor who can offer the added security of bonds to back up the work being promised.
Surety Bond Categories and Varieties
When you are exploring Nevada surety bonds, keep in mind that most bonds fall under one category or another. Clarifying some of those categories may be helpful to you. At NFP, we specialize in all bond types, nationwide. Please consider us for all your surety bond needs. We’ll teach you how to get bonded in Nevada.
- Fidelity bonds are used for employment purposes. A fidelity bond might be posted to provide an employer with insurance against employee theft. This type of bond might also be called a standard employee dishonesty bond. A fidelity bond of this kind would protect a business from financial loss resulting from the fraudulent deed of an employee or multiple employees. This type of fidelity bond may be useful for non-profit groups. It could also be beneficial for professional practices, such as medical clinics or accounting offices.
- Commercial surety bonds are used to ensure that contractors will follow the government regulations that apply to their industry. These bonds protect businesses working with other businesses or paying for their services. Commercial surety bonds include:
- License and permit bonds: these are required by the government before a professional license may be granted to certain individuals or businesses. License and permit bonds include HVAC bonds, contractor license bonds, electrician bonds and plumber bonds.
- Public official bonds: these surety bonds ensure a faithful performance of official duties. They are typically required to protect taxpayers.
- Auto dealer bonds: also known as motor vehicle dealer (MVD) bonds, these bonds serve to assure consumers doing business with auto dealers that the dealers will remain legally compliant. Other kinds of dealer bonds include mobile home dealer bonds and boat dealer bonds.
- Lottery bonds: such bonds are a requirement for establishments that have lottery machines. These bonds guarantee that the lottery machines will be used in accordance with the law.
- Travel agent bonds: These bonds are also referred to as ARC bonds, since they are required by the Airlines Reporting Corporation. These bonds guarantee that the payments collected by travel agencies are provided to the correct airlines.
- Auctioneer bonds: such bonds are a requirement in order for auction houses and auctioneers to offer protection for purchase and bids.
- Court bonds ensure that relevant parties are protected from losses that arise as a result of court decisions. These bonds may also be called court surety bonds or judicial bonds. Often, they are required in court proceedings. Additionally, there are different kinds of court bonds. A plaintiff’s bond would guarantee the payment of damages incurred if a defendant wins a case. A cost bond guarantees payment of the costs associated with an appeal in a lower court case. Before a court may seize someone’s property, it must acquire an attachment bond. This court bond guarantees that if a court makes a decision against a plaintiff, damages will be paid to the defendant.
- Sheriffs and marshals may also purchase surety bonds. These are known as indemnity to sheriff bonds, and they offer protection to marshals and sheriffs in the event that lawsuits are imposed against them when property is seized.
- Replevin are another type of plaintiff’s bond. They ensure that seized property will stay in the same condition it was in at the time of seizure. They also guarantee that the property will not be sold or discarded.
Another type of fidelity bond is known as a business services bond. This sort of bond protects against the loss of a customer’s money, belongings, and equipment. A business might purchase such a bond before sending employees to provide services for customers in their homes or workplaces. A business services bond could be ideal for businesses such as contractors, pet sitters, and carpet cleaning companies.
Surety Bonds for Every Circumstance
Regardless of the type of bond you need, there is likely a category that fits your circumstances. If your business is involved in a lawsuit, you might need to obtain a court bond. In order to do business in Nevada, you might be required to post a commercial or fidelity bond. No matter what type of bond you need, be sure that you are getting it through a surety company with a solid reputation.
How to Get Bonded in Nevada
Our team provides affordable surety and fidelity bond insurance. Below is a list of commonly requested bond types in Nevada. Apply for your Nevada surety bond now by completing our online application. If you prefer, you can download an application to complete and email to our bond agency for processing.
- Legal Document Assistant
- Medicare Bond
- Notary Public
- Online Bond
- Private Investigator
- Process Server
- Sales Tax
- Utility Deposit