Impacts of COVID-19 on the Surety Industry: Surety Bonds Essential Businesses Still Need

Local, state, and federal stay-at-home orders have a huge impact on the surety industry. Numerous articles have been popping up addressing the effects of COVID-19 on the contract surety industry. What about the commercial and court bonds? Understanding what business industries are deemed essential and the bond requirements can better prepare carriers, agents, and brokers to adapt to the volatile reality that is living through a pandemic. Numerous state and local governments are quickly adapting to electronic licensing procedures, meaning that various license requirements are not exempt during the current pandemic.

essential critical infrastructure workers

Source: Essential Critical Infrastructures defined by the CISA

On March 28th, the U.S. Department of Homeland Security, Cybersecurity & Infrastructure Security Agency has produced an advisory list of essential critical infrastructures which can be found here. The purpose of this list is to give state and local officials guidance when establishing what constitutes essential infrastructure in hopes of softening the impacts of COVID-19 to the overall health, safety and economy of our nation.

Bonds relevant to these essential infrastructure sectors may include:

  • Agricultural bonds
  • Appraisal Management Company Bonds
  • Bid bonds
  • Cannabis Bonds
  • Conservatorship Bonds
  • Contractor’s Bond of Qualifying Individual
  • Contractor’s License Bonds
  • Department of Defense Hauling Bonds
  • Driver Training School Bonds
  • Executor Bonds
  • Excise Tax Bonds
  • Farm Labor Contractor Bonds
  • Freight Broker Bonds
  • Healthcare Administration Bonds
  • Home Healthcare Agency Bonds
  • Investment Advisor Bonds
  • Immigration Consultant Bonds
  • Insurance Agent/Surplus Lines Bonds
  • Liquor/Beer Tax Bonds
  • LLC Employee Worker Bond
  • Lost Securities Bonds
  • Lottery Bond
  • Marijuana Excise Tax Bond
  • Medicaid Provider Bond
  • Money Transmitter Bonds
  • Mortgage Broker Bonds
  • Motor Vehicle Dealership Bonds
  • Oil and Gas industry bonds
  • Performance and Payment Bonds
  • Probate bonds
  • Public Official Bonds
  • Sales Tax Bonds
  • Site Development Bonds
  • Telemarketing/Professional Fundraiser Bonds
  • Third-Party Debt Collector Surety Bond
  • Title Agent Bonds
  • S. Customs Bonds
  • Utility Deposit Bonds
  • Wage, Welfare and Fringe Benefit Bonds
  • Weighmaster Bonds