Self-insurer's bond

{
  "id": "MLC-T-INS-003057",
  "term": "Self-insurer's bond",
  "field": "Insurance and risk management",
  "definition": "A type of surety bond required by regulatory authorities from organizations that choose to self-insure certain liabilities, such as workers' compensation. This bond guarantees that the self-insured entity will fulfill its financial obligations to claimants, even if it becomes insolvent. It provides a financial safeguard for beneficiaries in the event of the self-insurer's default.",
  "url": "https://mlchart.com/terminology/insurance/self-insurer-s-bond/"
}