Contract & Commercial Surety
Contract Surety Bonds
Surety bonds that are written for construction projects are called contract surety bonds. A project owner (the obligee) seeks a contractor (the principal) to fulfill a contract. The contractor, through a surety bond producer, obtains a surety bond from a surety company. If the contractor defaults, the surety company is obligated to find another contractor to complete the contract or compensate the project owner for the financial loss incurred.
There are four types of contract surety bonds:
- Bid Bond: Provides financial protection to the owner if a bidder is awarded a contract but fails to sign the contract or provide the required performance and payment bonds.
- Performance Bond: Provides an owner with a guarantee that, in the event of a contractor’s default, the surety will complete or cause to be completed the contract.
- Payment Bond: Ensures that certain subcontractors and suppliers will be paid for labor and materials incorporated into a construction contract.
- Warranty Bond (also called a Maintenance Bond): Guarantees the owner that any workmanship and material defects found in the original construction will be repaired during the warranty period. contract & commercial surety Commercial Insurance Builders Risk Insurance
You can access our Quick Bonds in the menu bar (top left) for an instant quote or to get a small contract bond issued. Click on Quick Bonds and follow the directions to start you application process.
Commercial Surety Bonds
Commercial surety bonds cover a very broad range of surety bonds that guarantee performance by the principal of the obligation or undertaking described in the bond. They are required of individuals and businesses by the federal, state, and local governments; various statutes, regulations, ordinances; or by other entities.
Commercial surety bonds can generally be divided into five types of bonds:
- License and Permit Bonds: Required by federal, state, or local governments as a condition for obtaining a license or permit for various occupations and professions. License and permit bonds include auto dealer bonds, mortgage broker bonds, contractor license bonds, and surplus lines broker bonds.
- Court Bonds (also called judicial bonds): Required of a plaintiff or defendant in judicial proceedings to reserve the rights of the opposing litigant or other interested parties. Court bonds include appeal bonds, supersedeas bonds, attachment bonds, and injunction bonds.
- Fiduciary Bond (also called probate bonds): Required of those who administer a trust under court supervision. Typical such bonds are executor and administrator bonds, trustee bonds, guardian bonds, and conservator bonds.
- Public Official Bonds: Required by statute for certain holders of public office, to protect the public from malfeasance by an official or from an official’s failure to faithfully perform duties. Public official bonds included county clerk bonds, tax collector bonds, notary bonds, and treasurer bonds.
- Miscellaneous Bonds: These are commercial surety bonds that do not fit into any of the types above. Included are a wide variety of bonds, such as warehouse bonds, title bonds, utility bonds, and fuel tax bonds.
You can access our Quick Bonds in the menu bar (top left) for an instant quote or to get a commercial bond issued. Click on Quick Bonds and follow the directions to start you application process.
Builders Risk Insurance
Builder’s Risk Insurance
Builder’s risk insurance, also known as course of construction insurance, is a specialized type of property insurance that helps protect buildings under construction. It’s essential in helping protect construction projects, but can be complex and often misunderstood. However, having a properly structured builder’s risk insurance policy can be crucial. In fact, it will serve as the backbone of a successful risk management program.
All policies are written through Zurich.
Products:
- Builders Risk
- Premises Liability
- Contractors Equipment
- Rental Dwelling
- Vacant Structures
General Liability Insurance
Commercial general liability insurance, or CGL insurance, helps protect your business from claims that it caused bodily injuries or damage to another person's property. This coverage is also known as general liability insurance or business liability insurance.
You can access our link in the above menu bar to quote and bind coverage without having to speak to an agent. Just click the GL/WC Insurance link and follow the instructions.
Worker's Comp Insurance
Workers' compensation insurance is coverage purchased by the employer/business that provides benefits for job-related employee injuries, with a few exceptions. Florida law requires most employers to purchase workers' compensation coverage. Under a workers' compensation policy, employees are compensated for occupationally incurred injuries, regardless of fault. This coverage makes employers immune from some injury lawsuits by employees.
You can access our link in the above menu bar to quote and bind coverage without having to speak to an agent. Just click the GL/WC Insurance link and follow the instructions.