Bond Insurance
What type of bond do I need?
Each type of bond insurance serves a different purpose, and it's important to understand which type of bond is required for a particular situation. A reputable insurance agent can help you determine the appropriate type of bond insurance to protect your business or personal assets.
PERFORMANCE BOND:
A Performance Bond Ensures That The Contractor Will Complete The Project According To The Terms Of The Contract. If The Contractor Fails To Perform, The Project Owner Can Claim The Bond To Recover Any Losses Incurred.
PAYMENT BOND:
A Payment Bond Is Used To Ensure That The Contractor Will Pay All Subcontractors, Laborers, And Suppliers For The Work Done On The Project. If The Contractor Fails To Make These Payments, The Bond Can Be Claimed By Those Who Are Owed Money.
BID BOND:
A Bid Bond Is A Type Of Bond That Ensures The Contractor Will Enter Into A Contract For The Price They Have Quoted In Their Bid. If The Contractor Fails To Enter Into The Contract, The Bond Can Be Claimed By The Project Owner.
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