Wha is A Surety Bond?
To put it simply, surety bonds are a legally binding contract between three different parties. They make sure that one party (the principal) meets the demands of the other (the obligee). A third party, the surety, guarantees that the principal will fulfill the obligations of the bond. These obligations depend on what type of bond it is and what its purpose is.
What are the benefits of being bonded?
Being bonded gives issuers the ability to leverage business growth. With the increased stature of having the insurer’s credit rating, a business can feel safer in taking risks to improve and grow the business. This is especially true in the construction and financial industries. Fiduciary bonds are often required for businesses who fully or partially self insure their employee benefits, and is also required for retirement plans such as 401k's.
A bonded business can obtain unbiased criticism from a credit professional and seek advice in underwriting projects.
Some bonds we handle include, but are not limited to, the following:
- Contract performance bonds
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