Travelers Canada has extensive expertise in Commercial Surety bonding. The following is a brief description of some of the Commercial Surety bonds we are typically asked to provide.

Fiduciary Bonds

Fiduciary Bonds comply with probate and bankruptcy needs. They are often handled by lawyers whose clients are required to file security to comply with the courts or the Public Guardian and Trustee. These bonds guarantee compliance with the requirements of law for faithful performance of duties.

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Licence and Permit Bonds

These bonds are used to qualify those who wish to obtain a licence or a permit to exercise a particular privilege or engage in a particular business. Licence and permit bonds guarantee compliance with the statute, by law or regulation under which the principal is compelled to act. The laws are meant to protect the public against incompetence, misrepresentation, fraudulent dealings, physical damage, or bodily harm.

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Lost Instrument Bonds

A Lost Instrument Bond is required when a person or corporation has lost, mislaid or destroyed an original document that evidences ownership. Such instruments can be certificates of stock ownership, common or preferred stock as well as federal, provincial, municipal, or corporate bonds. The bond of indemnity, as it is also called, provides that the issuer of the replacement security will not suffer economic loss should the lost instrument turn up later.

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Waiver of Probate Bonds (Letter of Indemnity)

A Bond for Waiver of Letters Probate or Letters of Administration is required when an estate of the deceased requires a transfer of assets; examples: Certificate of Stock ownership common, preferred, federal bonds, provincial or municipal bonds as well as Mutual Fund Accounts, Investments Accounts and Bank Accounts.

In all cases this request for posting a Waiver of Probate bond is required by the financial institutions (Issuing Stock Company, Transfer Agent, Mutual Fund Dealer, Investment Dealer and Banking Institution).
Since the Last Will and Testament has not been Probated or Letters of Administration have not been granted, the ultimate beneficiary(ies)/ heir(s) is required to provide supporting documentation to verify they are entitled to the estate assets held by the financial institution requesting the bond.

Travelers Guarantee Company of Canada will require filling of our Waiver of Probate Affidavit & Indemnity Agreement duly executed by the applicant / principal (ultimate beneficiary(ies)/ heir(s) entitled to share in the estate).

Bond Protects Against Claims

The Waiver of Probate Bond guarantees that the applicant states that no other person, associate, firm or corporation other than the parties set forth under a Waiver of Probate Affidavit & Indemnity Agreement have any right, title, claim, equity or interest in the security(s) or proceeds as a result of the transfer. Therefore, the applicant is bound under an agreement with the surety who protects the financial institution against losses that may arise from any parties making a claim as a result of this transfer.

In most situations it is more economical to pay the bond premium than to pay the Probate Fees.

Cost for bond
The cost is 2% of the current market value of the security to be transferred

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Customs and Excise Bonds

Customs and Excise Bonds are for the benefit of the federal government and guarantee that either taxes or duties or both will be paid by the principal when invoiced by the government.

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This multi-purpose bond is required for the following activities:

• Customs Brokers Licensing Regulations
• Temporary Importation Regulations
• Transportation of Goods Regulations
• Display Goods Temporary Importation Regulations
• Customs Bonded Warehouse Regulations
• Commercial Samples Remission Order
• Customs Sufferance Warehouse Regulations
• Accounting for Imported Goods and Payment of Duties
• Duty Free Shop Regulations
• Other authorities may be accepted  

U.S. Bonds

Travelers Canada has the local ability and capacity to issue bonds in the United States.  We underwrite bonds required at Federal, State, County and Municipal levels, and more.  These bonds are issued from the Canadian offices, using U.S. Travelers affiliated companies.  This direct relationship facilitates a seamless process to service the  U.S. bond requests.

Please contact us for more information about the U.S. Bonds.