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Bonds Information

 D. Ward Insurance Services, Inc. 

Since 1988


Used Car Dealer Bonds & More            


What is bond insurance?

An issuer of a bond can purchase bond insurance to guarantee scheduled payments of interest and principal on the bond to its bondholders in case the issuer defaults. Once the issuer purchases bond insurance, its credit rating is replaced with the insurer’s credit rating. Premiums are a measure of the perceived risk of failure of the issuer and are paid to the insurer in either lump sums or installments.

What are the benefits of being bonded?

Being bonded gives issuers the ability to leverage business growth. With the increased stature of having the insurer’s credit rating, a business can feel safer in taking risks to improve and grow the business. This is especially true in the construction and financial industries.

A bonded business can obtain unbiased criticism from a credit professional and seek advice in underwriting projects.

        Some of the Bonds we handle:

  • Used Car Dealer bonds
  • Contract performance bonds
  • Bid bonds
  • Maintenance bonds
  • Payment bonds
  • Supply bonds
  • License and permit bonds
  • Miscellaneous bonds                                          

  D. Ward Insurance handles used car dealer bonds, bid bonds, supply bonds, and more.           

                 Glossary of Terms

Surety Bond – The surety bond is the contract of suretyship. It guarantees the one party, the surety, obligates itself to a second party, the obligee, to answer for the default of a third party the principal

Used Car Dealer Bond - if a title is not transferred properly and the state intervenes, the state will contact the surety company (aka insurance company) and file a claim against the bond. Then, the surety company will seek collaterally damages from the principal, aka the person or persons who signed the bond application.

Who is the Principal – The individual who is bound on a bond furnished by a surety company.  For a Used Car Dealer Bond, the Principal is the person or persons who signed the application.

Who is the Obligee – The party protected by the bond against loss.  An obligee may be a person, firm, corporation or a government agency.  The Used Car Dealer Bond is used by the State (aka oblige) to ensure that the Dealer will transfer the title correctly.

Collateral – A form of security that is acceptable by the surety (aka Insurance Company) to qualify a principal (aka the person or persons signing the application) for a bond. Most surety companies require the principal to own real estate and to pledge the real estate as bond collateral.

Indemnity – An agreement between the principal and the surety that guarantees the principal will protect the surety from all losses, costs and legal fees, and will reimburse the surety any monies paid out on their behalf.

Underwriting – The act of analyzing and accepting or rejecting risk in a specified amount on behalf of the surety company.

Surety Premium – The service fee paid by the principal to the surety company for the surety bond.


D. Ward Insurance since 1988
Office: 770-974-0670 | dward@dwardins.com
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