What does onding mean for instance when someone says you need the relevent bonding and insurance?
Bonding is not the same as insurance: Insurance is protection from unexpected events causing financial hardship. Bonding is a guarantee of performance, honesty or fidelity. Also, if you file a claim against insurance, the insurer will pay out money without trying to recover money from the insured. If a bonding company pays out the money, the bond holder will be expected to pay them back. So don’t be suprised if the bonding companies do credit checking.
