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ARIZONA CONSERVATOR GUARDIAN SURETY BONDS

ARIZONA CONSERVATOR GUARDIAN SURETY BONDS

ARIZONA CONSERVATOR  GUARDIAN SURETY BONDS

Arizona Conservator Guardian Surety Bonds – A Conservator/ Guardian may be appointed when a person is not capable to take care of his/her own financial affairs. The Conservator/ Guardian is a court-appointed fiduciary that takes care of anything related to finances or assets. For example, the Conservator may handle someone else’s investments, bank accounts, or real estate.

 

The three parties of this bond include the obligee, the principal, and the surety company. Obligee is the court that is requiring the principal to be bonded. The Conservator must be bonded in order to legally achieve their court-appointed obligations. The surety company is the party that underwrites and guarantees the bond.

 

Obligee and Bonding Requirements

 

As stated before, the court requires a Conservator to be bonded. The bonding necessities state that the Conservator will not commit any fraudulent acts with his/her legal power during service.

 

The principal should be informed on all requirements before applying for the bond. If the principal acts against the bond and a claim are filed, then the surety company will pay for all paid claims, which the principal must then pay back to the surety.

 

Bond Amount and Bond Cost

 

The cost for the bond is also referred to as the bond premium. The bond premium is the one cost that the surety company decides on. All other fees that are associated with the bond are set by the obligee. The bond premium is only a small bonus of the bond amount.

 

The bond amount is set by the obligee, not the surety company. Commonly, the judge will set the bond amount based on the financial and estate worth of the Conservatee. The bond quantity  is the amount of coverage the surety company will pay out to the party harmed if a request is filed against the bond.

ARIZONA CONSERVATOR GUARDIAN SURETY BONDS