Surety Bonds

The Office of Risk Management is responsible for the procurement of all Surety Bonds executed by the University. A surety bond, although issued by an insurance company is not insurance because it provides no contractual transfer of risk from the University to the bonding company. Instead, a surety bond is a financial guarantee of a potential University obligation to a third party. The University procures surety bonds for a variety of activities and operations (e.g. Notary Bond, Electrician Bond, Raffle Bond, License Bond, Restoration Bond, Appeal Bond, etc.). When a surety bond is required for a University sanctioned activity or operation the bond application form must be provided to Risk Management along with written verification from a GW manager that its procurement has been approved. Risk Management will secure the bond from GW's surety, have it executed by the EVP&T, and return the fully executed bond to the person responsible for the submission to the party requiring the bond.