What does Commercial Bond mean? Read on to discover the definition & meaning of the term Commercial Bond - to help you better understand the language used in insurance policies.
A commercial bond is a type of surety bond that serves the purpose of guaranteeing the credibility of business people and making sure they follow the laws governing their field. If a person believes that they have been the victim a commercial bond holder failing to follow the laws, then they can file a claim with the surety from whom the bond holder purchased the bond. In this way, the surety acts as an insurer.
We hope the you have a better understanding of the meaning of Commercial Bond.