Surety Bonds

The Office of Risk Management and Insurance 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 Executive Vice President and Treasurer, and return the fully executed bond to the person responsible for the submission to the party requiring the bond.