Commercial Surety


surety

 

 

 

 

 

 

 

 

 

What is Commercial Surety?

Bonds which are required to satisfy or guarantee fiduciary obligations, governmental legislation, as well as private contractual obligations of the applicant or the Principal under the bond. Bonds sold to companies and individuals in order to satisfy government regulations and court orders, or to replace lost documents such as share certificates. Commercial Surety Products include bonds which respond to federal and/or provincial statutes and regulations. They are usually part of licensing processes and requirements for companies or individuals. Commercial Surety Bonds protect the consumer against fraud, misrepresentation, and compensation of monetary loss and are typically required by federal and/or provincial courts, government bodies, financial institutions, and private corporations.

Commercial Surety can be classified in the following categories:

  • Custom & Excise Bonds
  • Licence and Permit Bonds
  • Fiduciary & Estate Bonds
  • Lost Instrument Bonds
  • Carnet Bonds

Bond Classes Available

Carnet

Carnet Bonds are required by the Canadian Chamber of Commerce when merchandise or equipment enters a country with the intention of it being exported to another country within a certain period of time. They are used to avoid having to pay duties or taxes before re-entering the country. Types of Carnet Bonds include:

  • Blanket Carnet Bonds
  • Single Trip Carnet Bonds

Canada Customs

Customs Bonds guarantee payment of customs duties and compliance with federal and provincial acts and regulations. Activities covered by this type of bond include:

  • Bonded Carrier Operations
  • Customs Bonded Warehouse
  • Customs Broker License
  • Customs Sufferance Warehouse
  • Duty Free Shops
  • Release of Goods
  • Temporary Importation

Tax & Excise

Tax & Excise Bonds guarantee payment of excise taxes and guarantee compliance with federal and provincial tax acts and regulations. Types of bonds include:

  • Fuel Tax
  • Non-Resident GST
  • Sales Tax
  • Tobacco Tax

Fiduciary

A fiduciary bond is required of administrators, committees, executors, guardians or trustees. Fiduciary Bonds ensure the faithful performance of duties and obligations as outlined and in accordance with relevant laws and court orders. Types of bonds include:

  • Administration
  • Committee
  • Executor
  • Foreign Executor
  • Guardianship
  • Trustee in Bankruptcy

License & Permit

License & Permit Bonds guarantee compliance with the terms and conditions of various governmental licensing and permitting bodies. These typically respond when it is in the best interest of the public to ensure compliance. Types of bonds include:

  • Collection Agency
  • Consumer Protection
  • Contractor’s License & Permit
  • Electrical Contractors
  • Grain Dealer
  • Highway Transportation
  • Motor Vehicle Dealer
  • Private Investigators
  • Road Cut Bonds
  • Other License & Permit Bonds

Lost Instrument / Document

Lost Instrument / Document Bonds are requested when securities, share certificates, life insurance policies, or other financial instruments are lost and need to be reissued. The bond guarantees that the issuer of the replacement security will not suffer any economic loss as a result of a duplicate instrument being issued. Types of bonds include:

  • Fixed Penalty
  • Open Penalty
  • Waiver of Probate

 

For more information please contact Harry Binks at (613) 226-1350 ext 228