What is a Surety Bond?
A surety bond is a promise by a surety or guarantor to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principals failure to meet the obligation.
Which Type of Bond is Best for You?
Because there are so many different types of bonds available, as well as those that are required, research and using a trusted bond agency is a must. As you’ll find, some contract surety bonds are designed to protect specific professions, professionals, or contractors. While, fidelity bonds, are typically in place to protect the business – and are often required by law.
Going with an agency that specializes in bonds can make all the difference in getting the best deals, rates, and support. Remember, in nearly every case, a bonding agency that has the necessary experience, knowledge, and credentials will always be superior to an insurance company that claims to specialize in or provides its own independent (often third party) bonds.
AN INSURANCE AND BONDING AGENCY WORTH RECOMMENDING. SINCE 1949.