Public Official Bond
A public official bond is a type of surety bond that protects the Obligee from potential loss. It is often the law that public official bonds are required because the specific public official will have access to monetary funds or financial information.
The whole purpose of public official bonds would be to protect the Obligee who the public official was hired, appointed or elected to office to, such as a City, County or State division, or public school. In the event of a valid claim the bond would payout to the Obligee up to the full amount of the bond depending on the amount of the loss.
There are a number of different positions both appointed and elected that require public official bonds. Some of the most common include court clerk, commissioner, tax collector, manager, treasurer, and other various public officials in a position with access to monetary funds or financial information.
Whether you need to apply for a public official bond or renew your current one, Allstar Surety can help you.