Rental Bond vs. Tenant Security Deposit

[MARK S KING]

As a landlord, I am entertaining the concept of a Rental Bond in place of a traditional Tenant Security Deposit, but I have no experience with the Rental Bond product. Does anyone have any pertinent "words of wisdom" for me based in experience? My specific concerns relate to whether filing a claim against a bond introduces a substantial administrative hurdle that (when compared to the ease of converting a security deposit) makes a Rental Bond undesirable? Does anyone have any experience in making a claim against a Rental Bond. What are my blindspots here?