Professional Documents
Culture Documents
The Commercial Crime Insurance
The Commercial Crime Insurance
INSURANCE
AND
SURETY BONDS
MUHAMMAD UMER BCO19-034
ZEESHAN AHAD ULLAH BCO19-029
THE COMMERCIAL CRIME
INSURANCE
WHAT IS A COMMERCIAL CRIME IN
COMPANIES
OR
WHITE COLLAR CRIME
While there isn’t one standard commercial crime
definition, it is safe to say that it is typically linked to
financial crimes. Many commercial crimes include things
like embezzlement, fraud, money laundering and forgery.
These crimes may seem less harmless than others, but
they are taken very seriously and can be accompanied by
heavy sentences
THE ISO COMMERCIAL CRIME INSURANCE
PROGRAM
The Surety
The surety is the insurance company who provides
the surety bond for the protection of the obligee. The
surety offers a financial guarantee to the obligee that
the principal will fulfill their written obligation and
uphold their duty
PARTIES TO A SURETY BOND
The Obligee
The obligee is the party requiring the principal to
obtain a surety bond. They are usually government
agencies, local municipalities, individuals, or
companies. The surety bond safeguards the obligee
from the failure of the principal to uphold their part of
the agreement.
PARTIES TO A SURETY BOND
The Principal
The principal is the party being required to obtain the
surety bond by the obligee. When filling out a surety
bond application, you are the principal. The obligee
requires the principal to obtain a surety bond to
ensure they uphold their end of the agreement
TYPES OF SURETY BONDS