Bonds
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Bonds Information
What is a Surety Bond?
In it's simplest form, a surety bond is a written agreement to guarantee performance or payment of another company's obligation under a separate contract or compliance with a law or regulation. It's a unique type of insurance because it involves a three-party agreement between a principal (general contractor, business, or individual), the surety company (insurance company), and the obligee (government agency, private developer, or other parties).
There are two types of surety bonds:
🔹 Contract Surety Bonds – These bonds are required by the government, an owner of construction project, or a general contractor to be considered for a specific project. Contract surety bonds guarantee a contractor will fulfill their contractual obligations. If the contractor fails to meet the terms of the agreement -whether due to financial issues, project delays, or other defaults-the bond ensures that the obligee, and any subcontractors or suppliers, are made whole.
🔹 Commercial Surety Bonds – These bonds are required by businesses, or individuals, by the government, legislation, or the municipality. They guarantee that the business complies with state regulations.
A bonded contractor provides financial security and construction assurance to a project owner by guaranteeing both performance and payment, making the contractor a more trusted choice.
Bond premiums are rated based on the level of risk associated with the contractor and are typically paid as a lump sum, or in installments.
Why Should Contractors Be Bonded?
Being bonded strengthens a contractor’s credibility and opens the door to bigger opportunities. With a bond in place, clients and project owners have confidence that a contractor is financially stable and accountable. Additionally, bonding allows contractors to:
✔ Bid on larger projects that require bonding as a qualification
✔ Build trust with developers, municipalities, and private clients
✔ Gain expert financial insights from bond underwriters
✔ Protect the obligee from legal disputes and project failures
Types of Contractor Bonds We Offer:
🔹 Bid Bonds – Ensure a contractor will honor their bid and sign the contract
🔹 Performance Bonds – Guarantee that the contractor completes the project as agreed
🔹 Payment Bonds – Ensure subcontractors and suppliers are paid
🔹 Maintenance Bonds – Cover defects or issues after project completion
🔹 Supply Bonds – Guarantee delivery of materials per contract terms
🔹 License & Permit Bonds – Ensure compliance with local regulations
Secure Your Bond Today!
Let us help you get the right bond for your business. Contact us today to discuss your options and take the next step toward securing bigger projects with confidence!
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