English to Swedish Bus/Financial Insurance insurance terminology (not financial)

Please note that I am looking for the sense of this term as used in insurance, not as used in finance. (Or do they refer to the same thing in both fields??)

"Bonds: A Bond is a contract of guarantee that ensures one party will be compensated if another party defaults on an obligation. It has three parties:
- The Obligated Party
- The Surety or Guarantor, i.e. the Insurance Company
- The person in whose favour the bond is issued, i.e. the Owner or Obligee.
Under a bond, the Obligated Party undertakes to hold itself responsible up to the specified amount for the non-performance or mal-performance of an expressed obligation, i.e. the obligation of a Contractor."