(1) A guarantee policy generally resembles an ordinary guarantee, and the rights and liabilities of assured and insurers thereunder generally coincide with the rights and liabilities of principal and sureties in the case of ordinary guarantees.
(2) A guarantee policy differs from an ordinary guarantee in that, being a contract of insurance, it is a contract involving the utmost good faith, and may, therefore, be avoided by reason of the concealment of a material fact.
(3) The doctrine of contribution between co-sureties applies to guarantee policies.