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The Water Cooler
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Cleet security/pi bonds
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<blockquote data-quote="inactive" data-source="post: 1604159" data-attributes="member: 7488"><p>A surety bond is designed to protect those on the receiving end of a contract. As a PI or Security Officer, you are entering into contracts with customers, who are on the receiving end of the contract. The bond protects the customer, not necessarily you, if you somehow fail to meet the obligations of your contract.</p><p></p><p>In essence, it is form of insurance, but it is designed unique to contracts and is intended to protect the obligee (customer), and not the principal (you). Though in reality it is protecting both.</p><p></p><p>Edit to add: I looked at the application on the CLEET website, and read that they will allow insurance or a bond to cover the applicant. Generally though, a bond is cheaper than the continued premium on an insurance policy.</p></blockquote><p></p>
[QUOTE="inactive, post: 1604159, member: 7488"] A surety bond is designed to protect those on the receiving end of a contract. As a PI or Security Officer, you are entering into contracts with customers, who are on the receiving end of the contract. The bond protects the customer, not necessarily you, if you somehow fail to meet the obligations of your contract. In essence, it is form of insurance, but it is designed unique to contracts and is intended to protect the obligee (customer), and not the principal (you). Though in reality it is protecting both. Edit to add: I looked at the application on the CLEET website, and read that they will allow insurance or a bond to cover the applicant. Generally though, a bond is cheaper than the continued premium on an insurance policy. [/QUOTE]
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