The entity requiring the bond to protect themselves from financial loss if the work isn't finished.
Maya quickly learned that a surety bond isn't a typical two-party insurance policy; it’s a : buy a surety bond
She’d heard of insurance, but a "bond" felt like a different language. To find answers, she reached out to an agency like Bonding Solutions to figure out what this meant for her business. The Three Players The entity requiring the bond to protect themselves
As Maya dug deeper into resources from Grit Insurance Group , she realized a critical difference: . The Three Players As Maya dug deeper into
If she failed to complete the park's irrigation system and the City made a claim, the bond company would pay the City—but Maya would have to to the bond company. It was more like an extension of credit or a loan than a safety net for her own losses. The Application: Proving the "Three Cs" What Is a Surety Bond? | Travelers Insurance
The one performing the work and buying the bond to guarantee their performance.
The financial "co-signer" that guarantees Maya's work to the City. The Big Realization: It’s Not Insurance