Court bonds is a suretyship issued by an insurer in favour of the master of the high court for the due and proper performance of his/her obligations of the executor/curator/trustee in office.
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.