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A surety bond ensures contract completion in the event of contractor default. A project owner (called an obligee) seeks a contractor (called a principal) to fulfill a contract. The contractor obtains a surety bond from a surety company. If the contractor defaults, the surety company is obligated to find another contractor to complete the contract or compensate the project owner for the financial loss incurred.
There are four types of surety bonds:
Bid Bond: Ensures the bidder on a contract will enter into the contract and furnish the required payment and performance bonds if awarded the contract.
Payment Bond: Ensures suppliers and subcontractors are paid for work performed under the contract.
- Performance Bond: Ensures the contract will be completed in accordance with the terms and conditions of the contract.
Ancillary Bond: Ensures requirements integral to the contract, but not directly performance related, are performed.At Phillips & Associates Insurance Agency we pride ourselves in being leading insurance experts. Our extensive knowledge and years of experience has led us to specialize in combating diverse risk exposures by providing unique products such as Bonds.
We pride ourselves in being Canton.insurance experts. Our extensive knowledge and years of experience has led us to specialize in combating diverse risk exposures by providing unique products such as Bonds.
Canton, Stark County, Ohio surety bonds – also known as performance bonds – are distinct due to the fact that they help to encourage business, support economic development and protect consumers, taxpayers and businesses in a variety of ways. Most commonly, surety bonds are known for:
- Assuring the completion of a variety of construction projects; i.e. schools, roads, office buildings, hospitals, etc.
- Facilitating compliance with state laws and regulations
- Protecting against breach of fiduciary, or government-backed, responsibilities
- Guaranteeing the payment of contractors
In regards to this level of coverage, there are thousands of classes of bonds available. For example, contractors often require a particular class of bonds called “Performance and Payment” bonds. Typically, the common element to all surety bonds is that a bond is a financial or performance guarantee.
Phillips & Associates Insurance Agency insurance professionals contain a level of expertise not found elsewhere. Bonds are a critical to protecting your business and safeguarding your livelihood—and our bonding experts can provide the following:
- Bid/Performance and Payment Bonds
- Licensee Bonds
- Court and Fiduciary Bonds
- Fidelity bonds
- Public Officials Bonds
- And more…
As your premier Canton insurance agency we have access to major bonding companies giving us the opportunity to secure the most convenient, confidential bond products at highly-competitive rates.
Interested in learning more? Contact our agency today to speak with one of our trusted agents who can further explain to you about surety bonds, fidelity bonds, licensee bonds and so much more! Allow us to help obtain the security you’ve been looking for.
Let Phillips & Associates Insurance Agency help you choose a policy that will fit your individual needs. Protecting your assets, whether personal, business, or both, is our goal. A well-chosen policy can lessen the impact of some of life’s most common, yet unforeseen perils. We’re here to help when you are considering a bond for your business.