Teacher Advocates Gradual Phase-out of Private Surety

Ambrose Umosor, veteran insurance teacher and managing director of Biccet -,Ambi and Associates, has advocated for a gradual phase- out of private surety in preference for the more reliable and modern fidelity guarantee insurance. He stated that the ancient system which requires a person seeking employment to produce private guarantors to make good any loss arising form the dishonesty of the person guaranteed, should be discarded.
According to him, this old system has proved over the years, to be unsuitable for modern business especially due to the many imperfections in the practice.
He stated that among other disadvantages, the guarantor might go bankrupt or even die, stating that often times, the inability of producing a reliable surety could make one loss the opportunity of securing a profitable employment. 
Mr. Umosor explained that the modern Fidelity Guarantee Insurance is better in guaranteeing job seekers or others who may require the service, especially those seeking employment as cashier, manager, salesmen, marketers, store-keepers etc.
He explained that the fidelity guarantee business is divided into four segments depending on the kind of policy offered.
These four kinds of guarantee, he said, are court bonds, government bonds, local government insurance.
He explained that under commercial fidelity guarantee Insurance, an employer gets an indemnity against loss of money or stock by the fraud or default of his employee as named in the policy.