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Third-party fidelity bonds protect businesses against intentionally wrongful acts committed by people working for them on a contract basis (e.g., consultants or independent contractors). In business partnerships, it is the responsibility of the business working as a contractor or subcontractor to carry third-party fidelity bond coverage, though ...
While these bonds are often confused with fidelity bonds, they are much different. A business service bond allows the bonded entity's client to claim on the surety bond when the client's property has been stolen by the bonded entity. However, the claim is only valid if the bonded entity's employee is convicted of the crime in a court of law.
If a person is financially stable and plans for life's unexpected events, they may be able to go without insurance. However, they must have enough to cover a total and complete loss of employment and of their possessions. Some states will accept a surety bond, a government bond, or even making a cash deposit with the state. [citation needed]
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The company was primarily formed to write individual life insurance and annuity products. Until June 1, 1995, the company was a wholly owned subsidiary of United States Fidelity and Guaranty Company ("USF&G Company"), a Maryland-domiciled property and casualty insurer. USF&G Corporation, a Maryland-domiciled insurance holding company, was the ...
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