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Woodstock, GA #1 Surety Bonds
How do surety bonds work?
Surety bonds guarantee that specific tasks are fulfilled. It’s achieved by bringing the three parties together in a mutual, legally binding contract. The requirements of the bond and ordinance must be understood before the bond is written. Depending upon the type of obligation, supporting documentation such as signatures, financial statements, and other supplemental information may be required.
- The principal is the business that purchases the bond to guarantee work performance.
- The obligee is the entity that requires the bond.
- The surety is the insurance company that backs the bond.
The obligee can make a claim to recover losses if the principal does fail to fulfill the task. If the claim is valid, the insurance company will pay reparation that cannot exceed the bond amount.
Protect the Strength of your Business, Get the Right Bond at the Right Price.
Why do I need a surety bond for my business?
As a business owner, you may need a surety bond to guarantee payment for state sales taxes or utility bills. Or as a contractor, you may need to post a license or permit bond to guarantee your work for licensing requirements with municipalities.
Founders Insurance Group has a dedicated surety bond department with over 85 years in combined experience in the surety industry. Contact Us for more information
Construction surety is a very specialized niche in which few agencies have the expertise we do. We work with over 30 different surety markets ranging from quick bond programs to large surety bond programs. We have a network of construction CPA’s and attorneys that can help our clients with financial statement preparation and any legal issues that may arise.
Surety Bonds Requirements
Quick bond programs typically only require a one-to-two page application and are largely based upon the personal credit of the business owner(s). These bonds have a 24-hour turnaround time and can accommodate contract amounts up to $500,000.
For construction companies with on-going performance and payment bond needs over $500,000, we work with industry leading surety carriers that can handle bond programs from $500,000 to $500,000,000+. At Founders Insurance Group, we work with our client and their CPA to compile detailed bond submissions to help our clients grow and expand their bond capabilities.
Please contact Founders Insurance Group
if you would like to discuss your insurance needs.