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Surety Bonds Insurance

A surety bond is a three-party agreement built to provide an intervention if a contract cannot be fulfilled.  It is similar to a line of credit. If you cannot complete a project, the project owner can then tap into that line of credit to finish the project as necessary.  With a surety bond, the first party is the surety company, which reimburses the project owner (the second party) if obligations are not met.  The third party is the contractor.  When you obtain a surety bond prior to working with a new project owner, it shows that you have business integrity and financial stability.

Upstate Agency can compare a variety of policies to find the one that works best for you. We will compare quotes to find a competitive rate and provide you with the best surety bond for your project.

Although surety bonds are common in the construction/contracting field, there are many types of bonds that serve various purposes.

License and permit bonds guarantee the principal will comply with applicable codes and regulations established by the obligee, usually a government entity such as a City, State or Town.  Permit bonds grant a privilege.

Public official bonds guarantee that elected or appointed officials will faithfully perform their duties.  The bond amount and duties are usually specified by statue or ordinance.

Probate and other court bonds guarantee an honest accounting and faithful performance of duties by fiduciaries/trustees.  These bonds are required by courts or statues as estates of deceased persons, incompetent persons, and minors are set up and administered.

Miscellaneous bonds include those bonds that do not fit into any of the other surety categories.  These are usually more hazardous obligations, requiring an experienced underwriter because the guarantee to the obligee is monetary.

Contract performance bonds guarantee that you will follow all terms and conditions set forth by the contract.  These bonds include bid bonds, performance bonds, and payment bonds.

Our Upstate agents can help you find the surety bond that works for you.  We have a wide range of insurance companies and surety providers who can shop for the most affordable surety bonds.

If you’re ready to get started on a new project, contact Upstate Agency today.

 

 

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