Co-surety

{
  "id": "MLC-T-INS-000995",
  "term": "Co-surety",
  "field": "Insurance and risk management",
  "definition": "A situation where two or more surety companies jointly guarantee the same obligation or bond for a principal. Each co-surety is responsible for a specified percentage or portion of the total bond amount, sharing the risk and liability. This arrangement is common for large projects or high-value contracts that exceed the capacity or risk appetite of a single surety.",
  "url": "https://mlchart.com/terminology/insurance/co-surety/"
}