Sales Tax Bond is (Most of the time) a state mandated surety bond. It is a promise that the merchant will pay the sales taxes that they are responsible for to the state or federal government. A Sales Tax Bond is considered a type of financial guarantee surety bond, and failure to pay the required taxes or even incorrect reporting can result in a bond claim!
Texas Administrative Code Title 34, Part 1, Chapter 3 says that certain retailers and sellers in the state may be required to obtain a Texas sales tax surety bond, and guarantees that bonded sellers will make sure they follow the requirements of the Texas Comptroller and the Administrative Code. But just like other surety bonds, you will have to pay back the surety bond provider after they fix the situation!
If you are a trucker within the state of Texas you are also probably familiar with Gross Weight Bonds and Section 623.011 of the Texas Transportation Code (Yes, I looked up all these laws!)—which is a pledge to make payment via surety bond to the Texas Department of Transportation and to the counties for any and all damages that may be sustained to any Texas highway!
With this type of permit, in a vehicle and trailer you may exceed the allowable axle 
weight by a tolerance of 10% and may exceed the gross weight by a tolerance of 5%! But, in order to get this permit—you will be required to get a Gross Weight Bond to pay the state just in case any damage is created to the roads! It is a great way to make sure that you can cover any damage if you are carrying an oversized load, but remember it works like a normal surety bond and the amount must be paid back to the company!
Did you know that Contractor Bonds, and Surety Bonds in general, are usually described as a line of credit, rather than insurance? The reason why is that if you have a claim against your Contractor Bond you will have to pay the surety company back, in full, for the amount paid out!
completely dumbfounded, and instead of being mad and worried about her finances she only was just disappointed in her employee more than anything since she knew that she had coverage to protect against this exact scenario! She was able to make a claim, and later said she was glad she was able to have a quick and easy resolution to such a horrible problem!
If you are a contractor and need to get a Payment and Performance Bond it is extremely important you speak with your insurance agent! With a lot of projects that are done for the state or federal governments—you will find that these types of surety bonds are required to be able to undertake the project!
needed to have both Payment and Performance Bond insurance just to build a single (But pretty expensive) retaining wall for a new school! He was telling me if the project is over a certain amount of money that you have to have these types of coverages, he mentioned that the “Miller Act” is the reason for this and places the threshold at $100,000 for federal projects. I also found out that in Texas the “Little Miller Act” applies to any state project—no matter the cost!
There are a lot of comparisons of these two types of insurance for obvious reasons—they both deal with mortgages! Although they both do have mortgage in the name and have similar ideas to them, they are different completely different types of policies that fit different scenarios!
foreclosure if you become disabled or die since the policy will pay out to your bank and your family will get to keep their home! This insurance is very useful and can have riders added to protect you for a certain period of time if you lost your job or become temporarily disabled—just always remember to keep up with the payments for it to work!
Inland marine coverage provides valuable protection to business owners of all different types! But it is especially important to businesses such as contractors and tradesmen who frequently travel for work and carry around high-dollar tools and equipment. An inland marine policy would cover the loss if a contractor’s tools and equipment were stolen from a vehicle or at a job!
has valuables that cannot be conveniently or reasonably kept at a fixed location or insured at a standard rate, you probably will need Inland Marine Insurance!
This can be a tricky question, but there are a couple of ways to go about finding the right amount that you need without wanting to pull your hair out!
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