Oftentimes we get phone calls requesting a surety bond and the caller is transferred to a different department. This is because there are two primary classifications of surety bonds: contract and commercial.
While there is a good deal of overlapping, there are some key differences. Contract bonds usually include Performance Bonds and/or Payment, but that distinction alone is misleading as many commercial bonds are called performance bonds so name alone is not enough.
Below are some key differences to help determine if it is a contract or commercial bond:
Regardless of the type of surety bond needed, BOTH CONTRACT AND COMMERCIAL BONDS SHOULD BE HANDLED BY A SURETY BOND ONLY AGENCY! To most general insurance agents, the surety bond is a necessary evil to providing insurance. At Surety1, all we do is bonds. We will get your surety bond at the lowest possible cost with the most reasonable underwriting conditions.