A private investigator surety bond is a type of financial guarantee that is required by many states for private investigators as part of their licensing process. The bond serves as a protection for the public and the state against any potential misconduct, fraud, or unethical practices committed by the private investigator while performing their duties.
Here’s how it works:
- Parties Involved:
- Principal: The private investigator or private investigation agency that purchases the bond.
- Obligee: The state licensing authority or government agency that requires the bond.
- Surety: The bond company that issues the bond and guarantees the investigator’s compliance with laws and regulations.