Construction bonds serve as protection for owners and general contractors from defaults.
Bonds also provide the assurance necessary for construction projects, contracts and their subsequent obligations, both large and small. We help advise you on key issues including indemnity, rates, capacity and business continuity planning. Through our underwriting and brokerage experience, we offer surety bonds for contractors that provide a guarantee for the performance and payment obligations of your next construction project.
Types of Bonds:
- Bid bonds – Guaranteed if the contractor is a low bidder and awarded the job, he/she/they will enter into a contract and provide the necessary performance and payment bonds.
- Performance bonds – The surety entity is obligated to the obligee to ensure performance of the contract in accordance with the contract terms and specifications.
- Notary bonds – A notary bond is a three-party obligation. The bonding company guarantees to the State’s office that it will pay, on behalf of a commissioned notary, any losses incurred by the public up to $10,000 during the notary’s commission term.
- Surety bonds – a contract between three parties—the principal (you), the surety (us) and the obligee (the entity requiring the bond)—in which the surety financially guarantees to an obligee that the principal will act in accordance with the terms established by the bond.