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Surety Bonds

Contract Bonds
Contract bonds are used to guarantee that a contractor will abide by the specifications of a construction contract. A contract surety bond assures a project owner that a contractor will perform the work and pay specified subcontractors, laborers and material suppliers.

Contract bond types
There are several types of contract bonds:

  • Bid bonds guarantee that a contractor will enter into a contract, if awarded, and furnish such contract bonds as required by the terms of the contract
  • Performance bonds guarantee faithful performance of the terms of a contract of construction or furnishing of supplies
  • Payment bonds guarantee payment for labor and materials used in the work the contractor is obligated to perform under the terms of a contract
  • Maintenance bonds guarantee against loss because of defective workmanship or materials used in the completion of a construction project

Commercial Bonds
Commercial surety bonds are generally required by state laws and statutes, and guarantee some aspect of a principal’s occupation. A contractor license bond, for example, guarantees the contractor will comply with required construction codes.

Types of Commercial Bonds
Some of the commercial bonds we provide include:

  • AG dealer bonds, or agricultural dealer bonds, are required for people licensed with the Department of Agriculture who buy and resell agriculture products. AG dealer bonds include grain dealer bonds, hay dealer bonds, livestock dealer bonds, milk dealer bonds and produce dealer bonds.
  • ARC bonds, or travel agent bonds, are required by the Airlines Reporting Corporation to guarantee payment collected by a travel agency will be forwarded to the appropriate airline.
  • Auctioneer bonds, are required by auctioneers and auction houses to protect bids and purchases.
  • Auto dealer bonds, or motor vehicle dealer (MVD) bonds, help to assure the general public (and specifically those who have financial transactions with the dealer) that the dealer will comply with the law. Other dealer bonds include boat dealer bonds, mobile home dealer bonds, motorcycle dealer bonds, snowmobile dealer bonds and vessel dealer bonds.
  • Fuel tax bonds are required by fuel sellers to guarantee payment of taxes.
  • License and permit bonds are required by federal, state or municipal governments before they will grant a license or permit to conduct business in certain occupations or professions. License and permit bonds include contractor license bonds, electrician bonds, HVAC commercial bonds, non-resident license bonds and plumber bonds.
  • Liquor bonds guarantee compliance with federal and state laws pertaining to the sale, manufacturing and warehousing of alcohol.
  • Lottery bonds are required for any establishment with a lottery machine. The bond guarantees proper use of the machine to ensure there is no abuse to the state lottery system.
  • Notary public bonds are required by state statutes to protect against losses resulting from the improper actions of notaries.
  • Motorcycle dealer bonds guarantee that motorcycle dealers comply with laws, tax payments and, in some cases, payment of judgments. A motorcycle dealer bond is required to protect the public from wrongful actions of the dealer.
  • Mortgage broker bonds guarantee that mortgage brokers will abide by state laws, rules and regulations under the mortgage broker license code.
  • Public official bonds guarantee faithful performance of official duties, and are generally for the protection of taxpayers.
  • Title bonds are required to register a vehicle or other property due to a lost or defective title. Title bonds are also known as certificate of title bonds, defective title bonds and lost title bonds.
  • Utility bonds are financial guarantee bonds that ensure the payment of utility bills.
  • Warehouse bonds guarantee that goods stored in a warehouse will be delivered on presentation of a receipt.

Court Bonds
Court bonds, also known as judicial bonds or court surety bonds, are often required in court proceedings to ensure protection from a possible loss.

Types of Court Bonds

  • Cost bonds guarantee the payment of costs associated with appealing a lower court’s decision.
  • Indemnity to sheriff bonds protect the sheriff or marshal from a suit being brought on by the party whose property is being seized.
  • Plaintiff’s bonds guarantee payment of damages suffered if an action is decided in favor of a defendant.
  • Attachment bonds are required before the court can seize a person’s property to secure a judgment. The attachment court bond guarantees that if the court decides against the plaintiff, the defendant will be paid any damages arising from the attachment. An attachment bond is a type of plaintiff bond.
  • Replevin bonds guarantee that seized property will remain in the same condition and will not be sold or otherwise disposed of. A replevin bond is a type of plaintiff bond.

Fidelity Bonds
A fidelity bond should be considered when one or more of your employees is entrusted to handle cash or other valuable assets. Fidelity bonds include business services bonds, standard employee dishonesty bonds and ERISA bonds.
Find the fidelity bond coverage that fits your unique situation.

Business services bonds
Business services bonds provide protection for the loss of a customer’s money, equipment, supplies and personal belongings caused by dishonest acts of your employees while on the customer’s premises. More than providing protection, this type of fidelity bond is effective in differentiating your business from competitors who aren’t bonded for fidelity. A business services bond can be a good solution for businesses like janitorial services, contractors, dog sitters and house sitters.

Standard employee dishonesty bonds
Standard employee dishonesty bonds protect your business from financial loss due to the fraudulent activities of an employee or group of employees. The loss can be the result of employee theft of money, securities or other property. This type of fidelity bond can be a good solution for businesses like non-profit organizations and professional offices including CPAs, dentists and physicians.

ERISA bonds
The Employee Retirement Income Security Act of 1974 requires trustees of pension plans to have fidelity bond coverage equal to at least 10% of the total plan’s assets. ERISA bonds protect participants and beneficiaries from dishonest acts of a fiduciary who handles employee benefit or pension plans, including 401(k)s.