A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Types of Insurance Bonds

Bid Bond
Bid Bond

A bid bond is typically obtained through a surety agency, such as an insurance company or bank, and helps guarantee that a contractor is financially stable and has the necessary resources to take on a project. Bid bonds are commonly required on projects that also involve performance bids and payment bonds.

Business Services Bond
Business Services Bond

Win more business with a Business Service Bond! Business service bonds are great marketing tools used by legitimate businesses to stand out from the competition, and purchasing one can be the difference between winning a job or losing out to your competition.

Construction Bond Eligibility
Construction Bond Eligibility

Construction bonds are required on almost every single construction project and in some instances are related to contractual obligations. Understanding construction bonds is an essential area that you must dominate to be able to get the best deals from sureties and insurance companies.

License and Permit Bond
License and Permit Bond

License and Permit Bond Definition Required by a municipality or other public body as a condition to granting a license or permit to engage in a specified activity, this bond guarantees that the party seeking the license or permit (the obligor) will comply with applicable laws or regulations.

source: irmi.com
Maintenance Bond
Maintenance Bond

A maintenance bond is a type of surety bond used by contractors. Under the terms of a maintenance bond, the contractor of a construction project is the principal who purchases the bond, and the client or owner of the project for which the contractor was hired to work on is the party that is protected by the bond.

Mortgage Broker Bond
Mortgage Broker Bond

When a mortgage broker gets bonded, the bond acts as an external financial guarantee that the broker will uphold any rules and regulations required by the state. If there is a breach, the state can make a claim on the bond.

Other Commercial Surety Bond Types
Other Commercial Surety Bond Types

Surety bonds are designed to guarantee performance in the face of a set of particular risks. Each surety bond must be uniquely tailored to meet specific needs. A surety bond is an agreement under which one party, the surety, guarantees to another party, the obligee, the performance of an obligation by a third party, the principal.

source: travelers.com
Payment Bonds
Payment Bonds

The payment bond is the only option or tool that some suppliers and subcontractors have so they can get paid for their services and labor. Project owners are now using the subcontractor default insurance in conjunction with payment and performance bonds.

Performance Bonds
Performance Bonds

A performance bond is usually issued by a bank or an insurance company, both of which act as a “surety.” How They Work The Government and private sector require performance bonds and payment bonds for projects to protect the tax payer’s investment.

Related Facts