Public Official Bond for Individual
What is a Public Official Bond for Individual?
A public official bond provides assurance that the newly elected official and bondholder will faithfully perform all duties, serving the office in compliance with all rules and regulations. The bond issuance involves three parties:
- The principal, who is the elected official obtaining the bond
- The obligee, which is the local, county, or state agency over which the newly elected official will hold office
- The surety company, which is the issuer of the public official bond and the guarantor of performance
While the governing agency is the obligee of the bond, the agency actually represents the interests of the general public affected by the performance of the elected official. The bond provides financial protection against dereliction of duty by the bondholder and losses that occur as the result of the official’s actions or inaction.
Offices that require bonding include those in which the elected official will control public funds or hold privileged information. This can include mayors, judges, commissioners, court clerks, notary publics, sheriffs and other elected law enforcement officers, tax collectors, and various other office holders in Texas.
The surety company will pay approved claims raised as a result of the elected official’s malfeasance, but the surety will expect to be reimbursed for that settlement payment from the bonded official.
How to Apply for a Public Official Bond for Individual
- Click the Buy Now button.
- Fill out the easy bond form.
- Confirm your order and select how you would like your bond documents delivered. Email or regular mail.
- Pay for your bond.
- If you chose to have your documents emailed, you will receive them within minutes.
It’s that simple and fast!
Cost
The cost of the premium is based on the bond amount, which is also referred to as the penalty. Most bond amounts for public offices in Texas are for at least $10,000, but others can be for $50,000 or more. The bond amount is set by the state based on the responsibilities of the office and the level of financial risk.
The bond will typically cost 1-4% of the bond amount. This charge is variable because it’s based on factors such as the applicant’s credit score and financial wherewithal, background, the responsibilities of the office, and financial risks possibly involved.
While the office holder will have to purchase the bond before being sworn into office, that charge is often reimbursed by the government.
Getting Started
At TMD Surety Bonds, we’ve made the application process fast and easy. Tell us about the office to which you’ve been elected, and we’ll provide you with a cost quote.
Once we’ve received your payment, we’ll email you your public official bond. Your application can typically be processed on the same day as your application.
Bond Purchase Process
1. Find Your Bond
2. Secure Pricing
3. Buy Online
Get Started
The bonding process can be confusing and cumbersome. Our surety bond experts are standing by and ready to answer any questions. Let’s get you bonded today!
Frequently Asked Questions
Looking to Get Started or Have Questions?
The bonding process can be confusing and cumbersome. Our surety bond experts are standing by and ready to answer any questions. Let’s get you bonded today!