- Contract bonds
- Judicial and probate bonds
- Pension/ERISA bonds
- License and permit bonds
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- Fidelity bonds
- Sub-Division bonds
- Public Official bonds
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| Contract bonds |
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| A general classification of bonds that provide financial security and the construction assurance on building and construction projects by assuring the project owner (obligee) that the contractor (principal) will perform the work and pay certain subcontractors, laborers, and material suppliers. Common types of Contract Bond includes : |
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| Bid bonds: |
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| Cover that a contractor will enter into a contract at the amount bid and post the appropriate performance bonds. Bid bonds are used by owners to pre-qualify contractors submitting proposals on contracts. They provide financial assurance that the bid has been submitted in good faith and that the contractor will enter into a contract at the price bid. |
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| Performance bonds: |
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| Cover performance of the terms of a contract. These bonds frequently incorporate payment bond (labor and materials) and maintenance bond liability. This protects the owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions. |
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| Payment bonds: |
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| Cover payment of the contractor's obligation under the contract for subcontractors, laborers, and materials suppliers associated with the project. Since liens may not be placed on public jobs, the payment bond may be the only protection for those supplying labor or materials to a public job. |
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| Maintenance bonds: |
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| Provide for upkeep of the project for a specified period of time after a project is completed. These bonds protect against defective workmanship or materials. |
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| Supply bonds: |
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| Cover performance of a contract to furnish supplies or materials. In the event of a default by the supplier, the surety indemnifies the purchaser of the supplies against the resulting loss. |
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| Judicial and probate bonds |
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| also referred to as fiduciary bonds, secure the performance on fiduciaries' duties and compliance with court order, e.g. administrators, executors, guardians, trustees of a will, liquidators, receivers, and masters. Judicial proceedings court bonds include injunction, appeal, indemnity to sheriff, mechanic's lien, attachment, replevin, and admiralty. |
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| Pension/ERISA bonds |
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help your clients comply with the law and helps protect the plan and its participants against fraud or dishonesty by the bonded trustee or fiduciary. The bond coverage should be valued at an amount that is at least:
- 10% of the plan assets handled
- $1,000, but not necessarily greater than $500,000 (or $1,000,000 if the plan holds employer securities or unless the Secretary of Labor prescribes a greater amount such as in the case of non-qualified assets)
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| License and Permit bonds |
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| Required to obtain a license or permit in many cities, counties, states or other political subdivisions. They may be required for a number of reasons, including the payment of certain taxes and fees or providing consumer protection as a condition to granting licenses related to selling things such as motor vehicles or contracting services. |
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| Fidelity bonds |
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guarantee that the bonded employee(s) will handle their employer's money and property with fidelity. In other words, it guarantees they won't steal. Following types of Fidelity bonds are available:
- Janitorial Services Bond
- Employee Dishonesty Bond
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| Sub Division bonds |
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| Mandatory public improvements that builders, developers, and individual landowners make to their property. The local authorities require a guarantee that the landowner completes the improvements. A subdivision bond obligates the principal and the surety to complete subdivision improvements. |
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| Public Official bond |
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| protects against dishonesty and lack of faithful performance by a public official. These bonds are required by statutes and ordinances. |
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| Request a bond by calling (513) 489-6422 or email our
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. We offer hard to place bonds as well. Please contact for further information. |
