Talisman Casualty Insurance Company Explains Their Surety Program
Las Vegas, Nevada based Talisman Casualty Insurance Company is reaching out to the wider community to explain their Surety Program. The company offers an alternative risk transfer option for liability and property insurance. More information about the company and its services can be found at the following link: Talisman Claims.
Talisman Casualty Insurance Company explains that a surety bond (sometimes known simply as a surety) is a promise by a surety or guarantor to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet a pre-defined obligation, such as fulfilling the terms of a contract. The purpose of the surety bond is to protect the obligee against losses resulting from the principal’s failure to meet the obligation.
A representative for Talisman Casualty Insurance Company says, “Surety bonds are a great option because there is a variety in choice. You can choose from a number of different types of surety bonds, with each one offering distinct advantages and drawbacks. It must be understood that, while surety is mostly provided by the insurance industry, it’s actually not insurance because the risk is typically underwritten with no expected losses — and the relationship between principal and surety is often much closer than other forms of insurance.”
As the company explains on their website, “In the captive insurance model smaller numbers of principals are participating in the coverage capacity so the relationship can be more personal and the design of the bonds can be flexible to meet the needs of the modern business environment and evolving risk which require more flexibility. Access to surety credit can seem like an unstable marketplace where availability and willingness to bond contracts are unpredictable. Managing risk in business is much more challenging if bonded contracts are a key to stay competitive.”
Surety bond options offered by Talisman Casualty include Payment and Performance bonds, Compliance and Licensing bonds, Court and Legal bonds, and more. Payment and Performance bonds are often used in the construction industry as a form of protection for an owner that their contractor will complete the job according to the contract and he will pay all of his subs and suppliers. Compliance and Licensing bonds, on the other hand, are often used to maintain a professional license or to obtain permits. There are typically statutory requirements for these types of bonds while the Court and Legal bonds cover a wide range of court actions including bail, release of lien, adverse cost judgment, and so on.
The company also makes it clear that surety bonds are underwritten the same way that general credit is underwritten. The review will typically involve a financial and skill qualification evaluation when performance is being bonded. Further, on the topic of whether the principal insureds are liable for any losses, the company states, “The surety is like a cosigner who is lending credit in exchange for a premium typically much lower than the rate a commercial lender would charge. The surety does not expect to have a loss — and in the event they do, they will require that you reimburse the loss.”
Talisman Casualty Insurance Company is well known for its ‘captive insurance’ services, a special kind of insurance where an insurance business is created that is completely controlled and owned by its own insureds. According to Talisman Casualty Insurance Company’s representative, the main purpose of having a captive insurer is the insurance of the risks of its owners. When they are being insured by a captive insurer, the insured companies are able to benefit from the underwriting profits of the captive insurer.
Those who want to learn more about Talisman Casualty Insurance Company and the various services they provide can find more information on the company’s website. Additionally, the company encourages interested parties to get in touch with their team via email or phone. Alternatively, the company can also be reached through the contact form on their website. Talisman Casualty Insurance Company further maintains a presence on Facebook where they frequently post updates, share information and blog posts, and communicate with their customers. More information about the company can also be found at the following link: Talisman Casualty Lawsuit.
For more information about Talisman Casualty Insurance Company, contact the company here:
Talisman Casualty Insurance Company
7881 W. Charleston Blvd, Suite 210 Las Vegas, NV 89117