Underwriters Insurance Brokers handle a wide array of bonding products. Bonding is often a confusing subject for our clients, and we do our utmost to properly explain the process and the requirements of bonds to you.
Surety is an age-old form of legal contract and has a well-documented history in commercial and personal transactions around the world. A surety bond is a three-party agreement by which the surety binds itself to discharge the contracted obligations of a principal to an obligee in the event that the principal fails to fulfill such obligations.
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The construction industry is the major user of contract surety bonds. They are required on most government projects and are frequently specified in the private and institutional sectors.
Contract surety bonds, through the surety company’s strength and rigorous pre-qualification procedures, provide security to owners, sub-contractors and others that a contractor will transform plans and specifications into a timely, successful and complete project.
In the construction industry, the surety is usually referred to as the bonding company or surety company. The obligee is usually the owner but also may be a general contractor or a major sub-trade contractor. The principal is usually a contractor.
Click here for specific descriptions of types of construction bonds.
There is a huge variety of miscellaneous bonds available for a variety of needs. Some of those bonds are:
Click on the Locations and Contact bar for a location near you, and a member of our Business Solutions Team will be pleased to assist you.
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