A court bond is a suretyship issued by an insurer in favour of the master of the high court for the due and proper performance of the appointee’s obligations and duties towards an estate which he/she is administering.
The surety being the insurance company guarantees to pay the master, the obligee, a certain amount if the executor/curator/trustee (the principal) fails to meet its obligation, such as the proper administration of all estate funds.
Upon a dereliction of duty, the master may call upon the bond and demand payment from the surety of the loss suffered by the estate. At all times the surety acts as a co-principal debtor with the executor/curator/trustee.
Should a demand be made to the surety it is not without its remedies, it may pursue the executor/curator/trustee in office for the amount which it has paid.
Shackleton Risk offers court bonds to pre-approved applicants. At Shackleton Risk we are able to place any size court bond within a matter of hours once the applicant has been approved.
At Shackleton Risk, our turn-around time and service is unprecedented allowing us to remain the market leaders in security bonds.