Las Vegas, Nevada-based captive insurance expert Talisman Casualty Insurance Company LLC is sharing more information about their Surety Program. As a specialized insurance company, Talisman Casualty Insurance Company provides clients with an alternative risk transfer option for liability and property insurance. More information about the company can be found at the following link: Talisman Insurance.
Talisman Casualty Insurance Company explains that a surety bond — sometimes simply known as a surety — is a written agreement to guarantee compliance, payment, or performance of an act. Unlike other forms of insurance, surety bonds are unique because they involve an agreement between three parties.
The first is the Principal who purchases the bond and undertakes an obligation to perform an act as promised. Then there is the Surety, which is the insurance company that guarantees the obligation will be performed. If the Principal fails to perform the act as promised, the surety is contractually liable for losses sustained. Finally, there is the Obligee, who requires the benefit of the surety bond. In the case of most surety bonds, the obligee is a local, state, or federal government organization.
As the company explains it, due to the fact that in the captive insurance model there are smaller numbers of principals who are participating in the coverage capacity, the relationship between the obligee and the principal can be more personal. This in turn can ensure more flexible bonds can be supplied to meet the needs of the modern business environment where there are evolving risks.
A representative for Talisman Casualty Insurance Company says, “The unique benefit of utilizing surety programs is that you have a number of different types of surety bonds you can take advantage of. It must also be understood that while surety is mostly provided by the insurance industry, it’s not actually insurance as 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.”
Talisman Casualty Insurance Company provides surety bonds of varying types. 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 pay all of their subcontractors and suppliers. Compliance and Licensing bonds are often used to maintain a professional license or to obtain permits; there are statutory requirements for these types of bonds. Finally, Court and Legal bonds cover a wide range of court actions that include bail, release of lien, adverse cost judgment, and more.
While they provide surety bonds and other forms of insurance, Talisman Casualty Insurance Company LLC mainly specializes in a type of insurance known as ‘captive insurance’ where an insurance business is created that is controlled and owned by its own insureds.
The company has established itself as a leader in the captive insurance industry, with over 7,000 captives licensed all over the world with a staggering $55 billion of global captive premiums. Within the state of Nevada, where the company is based and operates, it boasts over 204 captives licensed and over $4 billion in captive premiums, all of which are properly structured and managed, thereby providing lower premiums to the insureds.
Learn more about Talisman Casualty Insurance Company, their history in the field, and their wide-ranging services at their official website. Those interested are encouraged to reach out to one of the company’s representatives directly via email or phone to follow up on any further inquiries. Talisman Casualty Insurance Company also has a social media presence and social media users can follow them on their preferred platforms in order to stay abreast of their latest activities, announcements, and offers. More information about Talisman Casualty Insurance Company can also be found at the following link: Talisman Casualty Lawsuits and Programs.
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