Commercial bonds are considered as in terms of surety bonds. Surety insurance consist of three parties the obligee: the party who is the recipient of an obligation and the principal which is the primary party who will perform the contractual obligation and the surety who assures the obligee that the principal can perform the task.
There are two main groups of bonds: contract bonds and commercial bonds where contract bonds guarantee performance of contract and commercial bonds guarantee terms such as permit, license, fidelity agreements, etc.
Many financial institutions, healthcare, retail and service related businesses, contractors and technology companies requires surety bond and payment of premium will depend on the nature of bond and nature of business. TMT insurance help matching such needs with the policy provided by the agents.