Bonds for Investigative Work and Private Investigator Insurance
A bond is a written, binding agreement to perform something as specified. Many different types of bonds exist and appear in marriage, land and court records used by genealogists. Historically, laws required administrators and executors of estates, grooms, and guardians of minors to post bonds. If a bondsman failed to perform, the court may have demanded payment of a specified sum as a penalty.
Why do Private Investigators need to know about it?
Private investigators should have an understanding of bonds, as they will undoubtedly have to deal with different types of bonds during the course of their work. Investigators who offer bounty hunting services will need to be familiar with bail bonds and bail bondsmen. There will be a bail bond associated with every fugitive you are hired to track and retrieve.
In addition, detectives will themselves need to be bonded as a part of the licensing requirements in most, if not every state. In this situation, it serves as insurance for a third party, such as state in which the private eye is licensed. It serves as a way of insuring that the licensed individual properly complies with state laws, statutes and rules and regulations of their trade.
How much does it cost?
The cost of obtaining a bond varies from state to state, term periods, coverage amounts and whether you are an individual or a full-service agency. Do a Google search to find local companies that offer insurance services in this area.
See also Bail Bonds and Bail Bondsman.
For more legal definitions, visit our Glossary of Legal and Investigation Terms.
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