Is It Possible to Cancel a Bond?

orsurety-7-20-2020-cancel-bondWe all know bonds are not the same as insurance. While bonds are considered to be a type of specialty insurance, and the surety is usually an insurance company, bonds and insurance are two distinctly different products.

A bond is a contract between three parties: the obligee (the party who requires the bond, or the beneficiary); the principal (the party who must obtain the bond, such as a contractor); and the surety (who writes the bond).