What are Court Bonds & How to Get One

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.

Subscribe now
Read More

More Articles

Road Accident Fund (RAF) Surety Bonds

At Shackleton Risk Management, we can assist you with surety bonds for RAF matters. Surety bonds for RAF matters are provided by Safire Insurance Company Limited (“the Insurer”) and can be lodged by us with the Master on your behalf if needed. Trustees appointed to manage a trust must furnish security to the Master’s satisfaction.…

Read Article > about Road Accident Fund (RAF) Surety Bonds
Do Builders Need Professional Indemnity Insurance in South Africa?

Professional indemnity insurance (PII) serves as a protective measure against claims of professional negligence, errors, or omissions in services rendered. It provides financial coverage for legal costs and compensation payments arising from such claims, ensuring builders are safeguarded against potential liabilities. Legal Requirements and Industry Standards: Unlike certain professions where professional indemnity insurance is mandated…

Read Article > about Do Builders Need Professional Indemnity Insurance in South Africa?
Understanding the Distinction Between Public Liability vs Professional Indemnity Insurance in South Africa

What Is Public Liability Insurance:  Public liability insurance safeguards businesses and professionals against claims for injury or property damage caused to third parties while on their premises or as a result of their operations. It covers legal costs and compensation payments if a third party sues for bodily injury or property damage incurred due to…

Read Article > about Understanding the Distinction Between Public Liability vs Professional Indemnity Insurance in South Africa