We believe in making the bond insurance process as easy and pain free as possible! Because we’re local we’re going to be here for a long time and we want to do such a good job for you that you tell your friends about us too!
While bid bond insurance can be a resource used in just about any business, it is very common in the financial and construction industries as these types of businesses rely on contracts and bonds with other companies.
If the nature of your business, such as the construction industry, requires you to be insured and bonded, having bond insurance is imperative.
Being bonded and licensed are two different things, and it’s always a good idea to let your potential clients know this. Most employees that work in construction, roofing, and similar industries must be licensed, or their employees are subject to fines and penalties by law.
Contract performance insurance is exactly what it says it is – you, the contractor or agency, have to live up to each term of the contract, and typically, you exceed that contract. In most cases, you’re offering clients a complete guarantee on the work, sometimes with a term of time.
A license and permit bond can give a property owner or homeowner some satisfaction. Essentially, it says you will do all work to comply with existing laws and regulations, and often further stipulates that you are licensed with the state. It is slightly different than surety bond insurance, which is another type that many contractors hold.
Essentially, a payment bond forms a deeper contract between the owner, the contractor, and the surety. This is slightly different than a surety bond, and it is typically used in conjunction with a performance bond, which ensures the owner or property holder that work will completely be finished to specifications.
A supply bond is a type of surety bond that indicates that a certain supplier will provide the materials for a certain project. Once the bond is signed, the materials supplier can’t simply back out or change their rates, as they have now signed a legal document.