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A comprehensive bond covering multiple fiduciary positions over a year.
An annual blanket bond is a type of surety bond that provides coverage for multiple fiduciaries or positions within an organization or estate over a one-year period. This bond ensures that all fiduciaries acting on behalf of the organization or estate are protected against losses due to dishonest acts, mismanagement, or misconduct. It is particularly useful for organizations with multiple employees or officers who handle funds or assets, as it simplifies the bonding process by covering all individuals under a single bond.
Organization or estate must be legally established,All covered individuals must be appointed fiduciaries,No significant prior claims against the organization or individuals,Creditworthiness of the organization may be assessed
Annual blanket bonds are beneficial for organizations that frequently change personnel in fiduciary roles, as they provide ongoing coverage without the need for individual bonds for each position. Organizations should regularly review their bonding needs and consult with legal and bonding professionals to ensure adequate coverage.
Here are some of the most asked Potter County Texas surety bond questions
Any bond changes or cancellations require a court order. By law, neither the attorney, the principal, nor the agent can cancel a bond. Only the court can cancel or change a bond through a court order.
If the court issues an order to change or cancel your bond, please notify us by submitting a secure message on this website. Upload the bond discharge order or let us know if it is available on the court docket for download.
For changes, any additional pro-rated premium will be due if the bond amount is increased.