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  1. Join Date
    Oct 2007
    Posts
    80

    Co-Signer Responsibility

    I have agreed to be a co-signer for a friend in order for them to obtain a bond. Does this mean that I'm on the hook if a claim is paid out by the surety?

  2. Join Date
    Oct 2007
    Posts
    179

    Co-Signer

    Yes you would also be responsible for the bond of the person you cosigned for. You will do the same application and credit check as the applicant. The cosigner helps guarentee the Surety Company would be paid should a claim arise.

  3. Join Date
    Oct 2007
    Posts
    558

    Miscellaneous Bond

    Quote Originally Posted by Bond Guy
    Yes you would also be responsible for the bond of the person you cosigned for. You will do the same application and credit check as the applicant. The cosigner helps guarentee the Surety Company would be paid should a claim arise.
    Just a word of caution - you want to be very careful about co-signing for someone else's bond responsibilities. That's not to say you shouldn't do it - just make absolutely sure you trust the personal you are co-signing for.

  4. Join Date
    Oct 2007
    Posts
    171

    Co-Signer Responsibility

    Quote Originally Posted by Bond Guy
    Yes you would also be responsible for the bond of the person you cosigned for. You will do the same application and credit check as the applicant. The cosigner helps guarentee the Surety Company would be paid should a claim arise.
    Would they seek payment from the company first, then work their way down the line... or would all the indemnitors be hit all at once?

  5. Join Date
    Oct 2007
    Posts
    558

    Commercial Bonds

    Quote Originally Posted by Mother Bond
    Would they seek payment from the company first, then work their way down the line... or would all the indemnitors be hit all at once?
    When a claim is paid out on a bond, Surety would go to the company first. However, if the company has gone under, they would then go to the individuals who personally indemnified to the Surety - including the co-signer.

  6. Join Date
    Sep 2008
    Posts
    117

    Co-Signer Responsiblity

    In the event of a claim, would they notify me of the amount due and so I could remit payment? Or would they go right to a lawsuit in order to collect the moneys owed?

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