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Admiralty Bond: Admiralty law covers basically covers anything having to do with ships, on both the oceans and inland waterways. Admiralty law cases are always resolved in United States District Court. Admiralty bonds are than any bonds that are filed in such proceedings, and may be required for many of the same reasons that bonds are required in regular civil actions. These bonds typically are obtained to guarantee the release of vessels (and other property) from arrest and/or to secure a third party’s maritime or other legal claim against the vessel (or other property), usually following salvage services or collision. Because admiralty law has its own peculiar terminology, admiralty bonds are considered a separate class of bonds.
******** In submitting the initial request for bonding, the following information should be included to insure a quicker response.
1) A complete court bond application - Will provide a basic overview of the bond being requested, as well as information on the principal requesting the bond.
2) Copy of the court documentation - For an admiralty bond, the United States District Court will issue the requirement stating the need for the bond and bond amount. In addition to this document, provide also the court complaint/summary of the case.
3) Business Financial Statements: If the principal requesting the bond is a corporation, provide the most recent year business financial statements (balance sheet and income statement). In addition to the business financial statement, a personal financial statement of all the owners of the corporation should be provided as well.
4) Personal Financial Statement: If the principal(s) is an individual, provide a personal financial statement for the principal(s).
5) Current Bank Statements: If the corporation or individual's financial statement has a high declaration of short term/liquid assets (cash, stock and securities), current statements to verify these assets should also be provided.