Estate Sales Bonds – But What Kind And What Does It Do

typewriter logoIn the last five to eight years many estate sale companies across the country have become “bonded and insured”, but what exactly does bonding do and what kind is it?

There are many types of bonds, but most estate sale companies either have a surety bond – a guarantee to perform or ensures contract completion in the event of a contractor default, or a fidelity bond – this type of bond covers many types of fraudulent or dishonest acts committed by an employee alone or in collusion with others.

There are many sub categories, however, the question a seller should ask is what kind of bond does the estate liquidator have? Unfortunately many companies become bonded and insured without knowing what they have bought.

It is important for both the public and the estate liquidator to be informed about what they have and how it can affect them.