Surety


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Surety

An individual or corporation that guarantees the performance or actions of another.

Surety

A sum of money or the guarantee by a third party that a loan or credit extension will be paid. This reduces the risk the lender will lose the money he/she has distributed in the loan. For example, a third party may sign an agreement with the lender with the condition that if the borrower fails to repay the loan, the third party will assume legal liability for it. Often, persons with poor credit cannot receive a loan without surety. See also: Guarantee, Lien.

surety

One who guarantees the performance of another.Contrast with a simple guarantee,which is an agreement to pay money if another does not pay money due.A surety,on the other hand,may have to pay money or undertake the responsibility to complete a project.

References in periodicals archive ?
Currently, many major surety companies have midsize losses brewing in the $40 million to $50 million range," said David Moylan, managing director and regional surety practice leader for Marsh, the brokerage arm of Marsh & McLennan Cos.
Consumers who purchase online products with the buySAFE seal are protected by surety bonds that guarantee each bonded transaction for its full value - up to $25,000.
CHICAGO, July 14 /PRNewswire-FirstCall/ -- CNA Surety Corporation ("CNA Surety" or the "Company") (NYSE: SUR) will release its second quarter 2010 earnings on Friday, July 30, 2010.
NEW YORK -- Willis North America, a unit of Willis Group Holdings (NYSE:WSH), the global insurance broker, and Smith-Manus, the industry leader in developing specialty bond programs, have formed a strategic alliance to help environmental contractors and other specialized risks with the development of innovative surety bond programs.
CHICAGO, April 14 /PRNewswire-FirstCall/ -- CNA Surety Corporation ("CNA Surety" or the "Company") (NYSE: SUR) will release its first quarter 2010 earnings on Friday, April 30, 2010.
The surety had failed to plead the illegality defense in its answer and the court held that the defense was not "properly raised" on the motion for summary judgment.
NEW YORK -- The Law Office of Joseph Klein is investigating the Board of Directors of CNA Surety Corporation (NYSE: SUR) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to CNA Financial Corporation (NYSE: CNA).
com)-- South Coast Surety closed out 2013 strongly, posting its largest year ever in premium and commission production.
State of the Art program lets applicant apply and get quoted on License, Permit and Miscellaneous Surety Bonds.
permission to sign a $150 million annual surety bond arrangement with a subsidiary of American International Group Inc.
NEW YORK -- The Law Office of Abe Shainberg is investigating the Board of Directors of CNA Surety Corporation ("CNA Surety" or the "Company") (NYSE: SUR) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to CNA Financial Corporation ("CNA Financial") (NYSE: CNA).
com)-- South Coast Surety is a "Bond Only Agency" that provides surety bond support to thousands of insurance brokers nationally and to the general business public.