1. What is a Bond of Security (Court Bond)?
It is a form of guarantee – the insurer (or issuer) of the Bond is guaranteeing the person named on the Bond of Security, will perform their duties. If the insurer (or issuer) of the Bond has to pay a claim on the Bond, they will look for recourse/ compensation from the person named on the Bond.
2. How long does it take to get a Bond of Security?
Rodel Risk Solutions can usually have a Bond delivered to your offices within 3 working days but we are often quicker than that.
3. How much does it cost?
The rate for calculating the premium is set by the Master of the High Court and depends on the Bond amount required – click on the type of Bond required and the rate will be shown on the relevant page.
4. Why do I need a Bond of Security?
It all depends on the function/ responsibility you are undertaking to do. Liquidators, for example require a Bond of Security for any matter they are appointed on.
5. I have a Bond of Security but I need to amend it.
Not a problem at all. The best option is for you to contact Rodel Risk Solutions and we can talk through how you can do this.