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Guiding you through life’s many changes, The Golden Rooster Insurance Agency is here to assist you with all of your insurance needs. We work with individuals, families, and businesses to create insurance solution packages that fit your unique life circumstances. One of our specialties is Surety Bonds. We provide Surety Bonds, Title Bonds, Mortgage Bonds, and Dealer Bonds in and around Gainesville, GA. Our expert insurance agents have many years of experience providing peace of mind for people like you.
A surety bond is a contract between the principal, the surety, and the obligee. The surety secures financially to the obligee that the principal will act according to the terms established within the bond. In layman’s terms, a surety bond maintains that the surety will pay a specified amount of money to the obligee if a principal does not perform the contractual obligation. It helps the principal compete for contracts, assuring the customer will receive the goods or services promised. You do not pay for a surety bond monthly. It is a one-time payment. Surety bonds are not like a bank guarantee where there are assets tied up in the deal. As such, surety bonds can be a flexible tool. However, they do come at a price. If a claim is made against the surety bond and is determined to be valid, then the surety bond pays the claimant up to the total price of the bond and comes after the bond owner for repayment. The bond owner will be responsible for paying the surety in its entirety.
A title bond is a motor vehicle certificate of title that allows a vehicle owner in Georgia to claim ownership of a vehicle if the title is lost, stolen, or goes missing. Also known as a Georgia bonded title, a title bond works basically like a regular title to prove that you are the owner of your vehicle. You can use a title bond to sell, insure, and register your vehicle. It looks essentially the same as other vehicle titles, except it is marked as “bonded” to show that it is, in fact, a title bond. To obtain a title bond, you have to prove that the vehicle has been sold or given to you and that you attempted to get a regular car title before seeking the title bond. This ensures that you didn’t find an abandoned vehicle and attempt to claim it as your own. You may need a title bond if you purchase a vehicle without receiving a title from the seller, bought a vehicle with a bill of sale, bought a vehicle and got a title that was signed incorrectly, or you lost the title to your purchased vehicle. Either way, title bonds do often come in handy.
The main purpose of a mortgage bond is to ensure that lenders and mortgage brokers are conducting business in a way that adheres to the provisions related to the Georgia Residential Mortgage Act and any other guidelines related to their business practices. Suppose any damages occur related to a broker or lender’s practices that violate any of these principles or guidelines. In that case, a valid claim may be filed, which would require compensation from the bond company directly to the damaged party for losses equaling up to the total amount of the bond. The bond principal gives an indemnity to the bond company, requiring reimbursement for any losses.
In the state of Georgia, auto dealers are required to hold licenses in order to conduct business lawfully. A portion of this licensing process includes obtaining a dealer bond in the state of Georgia. This kind of bond protects consumers from any kind of fraudulent or illegal business practices on the part of the licensed auto dealer. If a valid claim is made against a dealer bond, the bond company pays damages to the consumer up to the amount of the bond. Then, the dealership is held liable for paying the amount of damages back to the bond company. Any auto dealers and auto parts dealers in the state of Georgia are required to secure a dealer bond.
The Golden Rooster Insurance Agency provides surety bonds. Our specialists will get back to you if you have any requests. Start your bond today!