A surety bond is not insurance for you, it is a guarantee to someone else that you will perform. If the surety pays a claim, it seeks that money back from you, which is why bonds are underwritten on financial strength rather than priced off loss history.
Guarantee that a contractor will complete a project according to the contract terms, protecting the project owner.
Required by government agencies to ensure compliance with local laws and regulations.
May be required in legal proceedings to ensure that a party will fulfill obligations imposed by the court.
A licence or permit bond satisfies the county or state requirement standing between you and registration, which for a contractor is the difference between being able to pull permits and not.
Performance and payment bonds let you bid work that is closed to unbonded contractors. On public projects and larger private jobs, bonding capacity is often the constraint on how much work a business can take.
Contractors, service providers, and businesses that require licenses or permits often need bond insurance for compliance and credibility.
At Wolf Insurance, we are committed to helping you secure your business transactions with reliable bond insurance solutions. Contact us today for a free quote and ensure your compliance and credibility!
Bond insurance is a form of surety bond that protects the obligee (the party requiring the bond) in case the principal (the party obtaining the bond) fails to fulfill their obligations. It ensures that the project or contract will be completed according to the terms specified.
We have placed contractor licence bonds for permitting in Collier, Lee, and the surrounding counties, and we know what each building department actually asks for, which is not always what the statute says. Because we also write the general liability and workers' compensation, the bond and the certificates that go with a permit application come from one place instead of three.
Cost depends on factors such as the type of bond, the amount of coverage required, and the applicant's creditworthiness.
If a claim is filed, the surety company will investigate the claim. If valid, they will compensate the obligee and seek reimbursement from the principal.
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