Building trust is something all politicians know they need to do. Public officials can often times do this with the help of a surety bond. Like most surety bonds, they help to provide financial support in incidents in which the covered individual fails in professional service and duties leading to financial loss to someone else. It is important to understand what a public official surety bond is, how it works and when it applies to your situation.
What is a Surety Bond for Public Officials?
Many public officials are responsible for key aspects of a job that can be considered risky to the government offices or even to the public. These individuals are being counted on to perform a task properly and without flaw. A good example of this is when a government official is responsible for handling public funds. When there is some level of risk or concern like this, you may need to obtain a surety bond.
Surety bonds are obtained by the individual oftentimes prior to taking office. They are paid for and maintained by the official, not the government. The bonds specifically state that the official will perform tasks according to the law, and failure to do so could result in a claim made against the bond.
Common positions that may need this type of bond include:
- Federal, state and local officials
- Court clerks and other members
- Commissions of deeds
- Agents in any agency in which they sell licensing
- Tax collectors and treasurers
- Public officials running for office
- Officers of the law
- Public notaries
Do you need a surety bond? These bonds provide a level of guarantee that the individual will perform his or her duties faithfully and honestly. They often provide protection for any money entrusted to the official as well as other types of assets. If and when a violation of the bond occurs, a claim can be made for the expenses, fines and fees associated with the non-compliance. They also work to assure that there is a way to recover the losses incurred. It is for all of these reasons that people who work in public positions should have a surety bond in place to protect their finances, as well as the public's interests.
Get the coverage you need. Call Porter-Brandenburg Agency at (972) 234-5588 for more information on Dallas surety bonds.