A home insurance policy is what you want to have when things like damage happens to your home through acts of god, fires, and theft. Each of these things are hard to swallow thinking about, but this is a necessity in the world of homeownership (And required if a house is mortgaged). These policies are renewed yearly, and price can vary depending on the coverage— and like most other insurance policies out there, you will have to pay a deductible when you make a claim!
Say for instance you have a pipe burst in your kitchen causing water to flood everywhere! You luckily have home insurance and call your provider to find out your next steps, what they will do is send an insurance adjuster over and they will take into account the damage that the water caused and how much it will be to fix/replace everything (Including the pipe!). 
Once given approval for your claim, your insurance provider will then deduct the amount of your deductible and pay out the balance to repair your kitchen! The higher the deductible the lower your the payment, and the lower the deductible the higher your payment— just depends on your preferences!
If the principal is paid out, then you will be on the hook for the amount and the bonding company will then demand the money from you! It is always extremely important to treat surety bonds with respect and to always carry out the commitments that are promised by them!
noodle and seeing that it’s not as intimidating as it seems! These 3 mistakes are what I have found to be the most common:
It happens, there are those rare few stories out there about how obligees have been victimized by an unsavory (Usually unregistered) surety. But to make sure that you are always getting what you agreed to, always do business through reputable agents, make sure that they are registered with the state by talking with your state insurance commissioner or by verifying membership through one of the various national surety bond associations just to make sure!
Otherwise you will have to do the process again and possibly face judgment! Just like those nightmarish days in college, deadlines do matter!
ssibly is a title-jumper, who knows!), and you thought— what the heck, I’ll see what I’ll have to do, I really want that car!
The difference between this and an insurance plan is the company that bought the bond cannot make a claim against it! Surety bonds are usually made to protect the customer as well as the bonded company in higher risk business scenarios and in situations, but if you are the bonded party and do lose your bond, the surety company will be expected to be reimbursed in full! The surety buyer’s protection is very short lived!
Dodge Ram 3500 and a 30 foot trailer that he could use to hotshot with (Trucker slang for hauling loads with a smaller truck). So he was telling me how he started to look around for insurance only to find how much depth there is to this part of trucking and how many different options there were!
He thought that he could take off his trucker hat and drive home as a private civilian after a job– but he was wrong! Since he will be under a permanent lease with his
Driving deadhead or Bobtail can create a strange situation in where you do not have a load (Dispatched or not), and are liable for anything that can occur on the drive. Since most rigs (The ones with a sleeper cab at least) can cost in the ballpark of $100k or more depending on what bells and whistles you get, you don’t want to be caught up the creek without a paddle if your rig were to get in an accident or cause injury while not hauling any weight, bobtail or deadhead.
Most companies require their contractor drivers to get this type of insurance if they are under contract, and it is beneficial since it fills in the cracks that are in Bobtail Insurance and Non-Trucking Liability Insurance plans–preventing the potential of your insurance company telling you “I’m so sorry but this is not covered, due to X”, with an Unladen Policy you are always covered when not pulling weight!
It is not fun driving bobtail, it’s a waste of tire tread and precious engine wear. But while driving bobtail to another job without a trailer you do not want to be in an accident that can take your rig out of commission without any insurance funds to fix it! There’s a crucial difference in Bobtail insurance and Non-Trucking Liability Insurance in that NTL does not cover you if you are traveling to another job.
Better business Bureau ®