These bonds are required by statutes and ordinances. Public Officials One who holds public office. A bond which guarantees that an institution will restore land, that it has mined or otherwise altered, to its original condition. An action of a law used to recover specific personal property . Retrospective Plans Type of insurance program bond in which the final premium is a combination of incurred losses and an administrative charge.
Retrospective plans are loss sensitive insurance plans.
Since final loss costs may take years to develop, the bond guarantees payment of the final premium amount. An acronym for the Small Business Administration. The SBA has a program to help small and minority owned contracting businesses obtain surety bonds. A type of insurance program bond that is commonly used with Workers' Compensation insurance, General Liability coverage or other liability coverage where limited coverage is available or coverage, when available, may not be affordable. Supply Bonds Bonds which guarantee performance of a contract to furnish supplies or materials.