Signatory Capacity

[lifeisgood]

We have a bond for our church and the pastor had signed on behalf of the church because he had signatory capacity. The pastor has suddenly left our church and we have someone stepping in temporarily. We are hoping to have a new and permanent pastor within a couple months. Do we need a new indemnity and if so - when should we take care of this?

[Surety Wizard]

You definitely do need to have someone signing on behalf of the bond. I recommend you speak with your agent and find out exactly what the Surety will require for indemnification. Someone must be held responsible at all times for the bond.