Surety Program Of Talisman Casualty Explained
February 17, 2023 at 00:44
Carson City, Nevada -
Las Vegas, Nevada-based Talisman Casualty Insurance Company is explaining the scope of their surety program to prospective clients. Talisman Casualty Insurance Company specializes in providing captive insurance programs for companies seeking to secure more control over their insurance programs. Learn more about the company and their services here: Talisman Casualty Lawsuits.
As explained by Talisman Casualty Insurance Company, a surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. Surety bonds protect the obligee against losses resulting from the principal’s failure to meet the obligation.
What makes Surety Bonds unique is the fact that it involves an agreement between three parties. The first of these is the Principal, who purchases the bond and undertakes an obligation to perform an act as promised. Then there is the Surety, which is the insurance company that guarantees the obligation will be performed. If the Principal fails to perform the act as promised, the surety is contractually liable for losses sustained. The third party in the agreement is the Obligee, who requires — and often receives — the benefit of the surety bond. According to the company, in the case of most surety bonds, the obligee is a local, state, or federal government organization.
Talisman Casualty offers three types of surety bond programs, the first of which is their Payment and Performance bond. These bonds are often used in the construction industry as a form of protection for an owner that their contractor will complete the job according to the contract and that he will pay all of his subs and suppliers. The second is their Compliance and Licensing bonds, which are often used to maintain a professional license or to obtain permits. There are typically statutory requirements for these types of bonds. Finally, there are the Court and License bonds which can cover a wide range of court actions including bail, release of lien, adverse cost judgment, and so on.
According to the company, the unique benefit of utilizing surety programs is that insureds have a number of different types of surety bonds they can take advantage of. It must also be understood that while surety is mostly provided by the insurance industry, it’s not actually insurance as the risk is typically underwritten with no expected losses and the relationship between principal and surety is often much closer than other forms of insurance.
A representative for Talisman Casualty says, “Each and every surety program of Talisman Casualty is designed with our clients in mind. Captive insurance models allow for a much more personalized approach. Because there are smaller numbers of principals who are participating in the coverage capacity, the relationship between the obligee and the principal can be more personal. What this means is that we are able to offer more flexible bonds that are more easily able to meet the needs of the modern business environment where there are evolving risks.”
Talisman Casualty Insurance Company has established itself as a reliable provider of surety bonds and other premium insurance programs, which has earned them great praise from their clients. Edgar Bates writes in his five-star review, “The staff at Talisman were always prompt and kind in responding to our many questions and concerns. We never had to worry since our problems were always addressed and remedied promptly. We’ve been insured with them for four years already.”
In another five-star review, Concetta Wieciech writes, “When I called just to inquire and ask questions, the agent was quite thorough in explaining coverage, and I found that to be impressive. I phoned them again to be our Marine insurance provider, and ever since then they have gone above and beyond in helping us with a wide variety of challenges.”
More information about the full range of services and insurance programs offered by Talisman Casualty Insurance Company can be found on their official website. Interested parties are encouraged to get in touch with a representative of the company via email or phone for further questions or concerns.
For more information about Talisman Casualty Insurance Company, contact the company here:
Talisman Casualty Insurance Company
7881 W. Charleston Blvd, Suite 210 Las Vegas, NV 89117