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What is a surety?

April 26, 2017surety

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What is a surety?

2 Answers

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A surety is an individual or entity willing to accept financial liability for the notary’s debts and defaults of obligations up to the amount of the surety bond. In Alaska, the bond amount is $1,000. An applicant may choose one of two options for a surety: 1. Commercial Bond: A bond may be purchased through an insurance agency in which case the notary would be commercially bonded. 2. Private Bond: A business, organization, or private individual may act as a private surety on behalf of a notary, in which case, the notary would be privately bonded. One cannot act as one’s own surety.

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A. A surety guarantees that if the notary public fails to properly perform a notarization the surety will indemnify a third party for damages caused by the notary’s negligence of misconduct, up to $7,500.