Surety Bond And License Bonds

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    Surety Bond Definition

    A surety bond is a financial pledge, usually to a court or government entity, that the party making the pledge (the “principal”) will discharge some obligation. A personal guarantee or indemnity agreement is an example of such an obligation. The party who provides the bond (the “surety”) agrees to pay the principal’s debt if the principal defaults on the obligation. It’s a type of financial guarantee that ensures public safety and provides protection in case the contractor doesn’t complete the project and can’t pay for the work. To put simply surety bond is a type of financial guarantee that protects the general public from losses due to a contractor’s bankruptcy.

    Requirements

    Surety bonds are typically required in order to receive certain types of licenses from governmental agencies, qualify for financing, bid on certain types of public contracts, or otherwise satisfy statutory requirements for certain types of transactions. These requirements vary by industry and by region of application. The required amount varies as well and typically has a maximum threshold above which it is not uncommon for creditors to refuse to provide credit.

    The process is quick and easy! Simply complete our online application and you’ll be on your way to securing the bond that fits your needs, from as little as $500 to $5 million.

    No one else will do it better for less!

    We pride ourselves on being able to offer competitive rates for all types of contractors, from small to large. Compare our rates with any other company, and you’ll see that we’re the best choice.

    Risks covered by surety bonds

    Surety bonds can cover any losses that your company may incur because of an employee’s dishonesty or bankruptcy. Fraudulent acts covered by these bonds include embezzlement, misuse of funds, false statements made on an application or in reports, or failure to perform the terms of their employment contract.

    Types of Surety Bonds available

    There are two main types: A single premium and annual renewable bonds. The single premium surety bond is paid for all at once when you purchase it. Annual renewable bonds need to be renewed annually at renewal rates that are typically higher than those for single premiums.

    Surety bond definition and insurance definition are similar in that: they both clarify the terms and facts involved in an agreement.

    Contractor bonds can be difficult to understand, but with Pascal Burke Contractor Insurance, we make it simple. We work with a variety of low-cost providers and offer competitive rates for all types of contractors, from small to large.

    Missing insurance? Let us cover your liability risk with a contractor bond at the best prices in the industry.

    A surety bond, also known as a fidelity bond or a fidelity guarantee, is a form of insurance for public officials and officers of organizations. It protects the organization from loss due to the dishonest or fraudulent act of the individual. Surety bond definition is, in essence, that if you disobey the rules of a contract, someone can make you follow them.

    Purchasing this type of coverage protects you from fraud and embezzlement. With this type of coverage, you’re more likely to get your money back if an employee commits fraud against your company.

    It covers losses that were incurred due to a contractor’s bankruptcy, failure to complete contracted work or honest mistakes on the part of the contractor.

    It protects you by compensating you for any damages you may have incurred as a result of inadequate or incomplete contracted work.

    It provides protection for losses that may have been incurred due to a contractor’s bankruptcy, failure to complete contracted work or honest mistakes on the part of the contractor. Surety bond definition: is a kind of guarantee.

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