A surety bond is a contractual obligation made by an insurance carrier to guarantee to pay monies to a third party if the bonded individual or company fails to meet an obligation. These bonds protect the bond holder against losses resulting from the bonded individuals or the companies failure to meet an obligation.
Types of bonds we issue include:
- Permit bonds
- Public official bonds
- Court bonds
- Administrative Bonds
- Contract performance bonds
Examples of bonds include:
- In order to guarantee payments for state sales taxes or utility bills, business owners may need a surety bond.
- Contractors may need to post a license or permit bond to guarantee your work for licensing requirements with municipalities.
- Attorneys may have clients who are required to post court bonds, such as administrators or executors bonds to guarantee their performance while distributing assets in estate situations.