What is an Insurance Bond?
The contractor obtains a bond so the insurance company is obligated compensate the project owner for the financial loss incurred if the work is not completed. If you need an insurance bond to bid on or get hired for a new job call us. We’re insurance bond experts and we’ll get it taken care of you… Fast!
Typical Insurance Bond Types
- 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.
Contact us to learn more about the right insurance bond for you.