Don’t see your type of surety bond? No worries, our bond experts will be able to help find out what you’re looking for! Just Complete our easy to navigate general application an application. The application will ask questions to help us determine which type of bond you need. You can also contact the surety bond experts at Surety1.com by phone at 877-654-2327 or email info@surety1.com.
If your license or profession has no surety bond requirement attached to it but one still wants to “be bonded”, Surety1.com offers a Business Service Bond at a very affordable price.
What is a surety bond?
A surety bond is essentially a financial guarantee involved in a three-party agreement. It acts like a safety net to ensure a contractual obligation is fulfilled. Here’s a breakdown of how it works:
The Parties Involved:
- Principal: The person or business who needs the guarantee, like the subcontractor in your case.
- Surety: The insurance company that issues the guarantee.
- Obligee: The party seeking the guarantee, often a government agency or the general contractor in your example.
The Guarantee: The surety company guarantees the obligee that the principal will perform their obligations as outlined in a contract or comply with a law. If the principal fails to do so, the obligee can make a claim on the bond, and the surety company will be financially responsible up to the bond amount. However, If the surety company pays a claim on the bond, it will seek restitution from the bond principal.
Think of it like this: you (the principal) are borrowing money from a friend (the surety) to assure your roommate (the obligee) that you’ll pay your share of the rent. If you don’t, your friend will cover the cost for you, but you’ll eventually need to pay them back. While there are thousands of individual surety bond requirements in the U.S., there are generally two main categories of surety bonds:
- Contract Surety Bonds: These ensure a specific contract is completed as agreed, such as construction bonds.
- Commercial Surety Bonds: These guarantee various obligations, like license and permit bonds or court appearance bonds.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003. All we do are surety bonds
How to Get Your Other / Don’t Know Surety Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.