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These surety bonds are general for all states.
Learn more about fiduciary bonds, and apply today. Single Source Insurance offers surety bonds nationwide through a convenient online application system.
A fiduciary bond is a bond that courts may require in any situation in which one person is acting in a fiduciary capacity on behalf of another person or the estate of a deceased individual. These bonds are known by a number of names, depending on the nature of the fiduciary relationship and the terminology used in a given state. Common names for fiduciary bonds include executor bonds, probate bonds, administrator bonds, guardianship bonds, conservatorship bonds, and trustee bonds.
Because fiduciaries make decisions on behalf of others and control their assets, a surety bond is often required as a way to ensure that they do not violate the trust placed in them, either intentionally or through negligence and carelessness.
The following may all be required by the court with jurisdiction over the matter to purchase a fiduciary bond:
Fiduciary bond requirements and the specific bond names vary from state to state and even from case to case. In states or situations that don�t normally require this type of bond, beneficiaries or creditors may ask the court to order a fiduciary to obtain one. That�s not uncommon if there is reason for concern about the fiduciary�s trustworthiness or financial status.
A fiduciary bond provides protection against financial loss due to negligence, fraud or embezzlement committed by the fiduciary. If a claim against the bond is determined to be valid, the surety company that issued the bond will pay the claim and then pursue the fiduciary for reimbursement of that amount.
The amount of the bond is established by state law. That amount can vary over time, as the assets under the fiduciary�s management increase or decrease in value. The fiduciary will pay a percentage of that amount as the premium for the bond. The fiduciary must use his or her own funds, not the funds belonging to the estate or trust, to pay for the bond. Fiduciary bonds typically must be renewed annually, and the fiduciary must pay another premium at each renewal.
Let our experts help you obtain the fiduciary bond you need. Complete our convenient online application today.
