Claim against Bond

[Phillies]

A friend of mine is being sued for a job he did recently. I understand he has a contractor's license bond with the state and wondered if he could file a claim against the bond to reimburse him for the losses.

[Hamburglar]

As far as I know, the surety bond is protection for the obligee, not the principle. For any losses sustained, I would assume the principle would have to contact his insurance company to provide any compensation for losses he may have encountered.

[Phillies]

As far as I know, the surety bond is protection for the obligee, not the principal. For any losses sustained, I would assume the principle would have to contact his insurance company to provide any compensation for losses he may have encountered.

Because the bond protects the Obligee - it ultimately protects the public - which would be the clients of the contractor. However, before the bond can pay out, someone would have to file a claim. The Principal (in this case the contractor) can not file a claim.