Surety is a specialized segment of the insurance industry that provides financial guarantees to ensure the performance of contractual or statutory obligations. Unlike traditional insurance, surety involves three parties: Principal – The party who undertakes the obligation (e.g., contractor). Obligee – The party who requires the guarantee (e.g., project owner, municipality, etc.). Surety – The company that issues the bond and guarantees the principal’s performance (e.g. Hartford). Surety bonds are commonly used in construction, corporate compliance, non-construction performance commercial contracts, etc. Surety bon