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Bonds are used for a variety of purposes. Two popular types of bonds are surety bonds and fidelity bonds. Surety bonds provide guarantees that a job will be completed as promised. They are often required in public and private contracts. Fidelity bonds help protect businesses from fraudulent employee acts.
The team of agents at Berger Briggs Insurance can assist you in obtaining bonds that are right for your business. Contact us today to get started.
Surety bonds guarantee that a contract will be fulfilled or applicable laws will be followed. A surety bond is a contract among three parties.
· The principal is typically a contractor or a business that purchases the surety bond.
· The obligee is the governmental party or private party that may require the principal to obtain a bond. If the principal does not uphold the bond terms, the obligee may file a claim against the bond and receive the remedy.
· The surety is an entity (e.g., insurance company) that underwrites the bond and remedies the obligee if a principal defaults. Generally, the surety will seek reimbursement from the principal for that payment.
Types of Surety Bonds
Two types of surety bonds include contract bonds and commercial bonds.
Contract bonds help ensure that principals follow the terms in a contract. Common types of contract bonds include the following:
· Performance bond, which guarantees satisfactory performance of the jobs listed in the contract.
· Payment bond, which guarantees that subcontractors, suppliers and other parties to the contract will be compensated for their work or materials
· Bid bond, which guarantees that a contractor put forward a bid in good faith and will start the job if awarded the contract
· Maintenance bond, which is typically in place for a limited term (e.g., 12 to 24 months) and guarantees that a defect in materials or workmanship will be remedied
Other contract bonds may be available if projects or phases of projects require specific bond coverages. Your Berger Briggs Insurance agent can help you find the bonds that are right for your business.
Commercial bonds are another type of surety bond often required by a governmental entity before work can start. Licenses and permit bonds are a type of commercial bond that provide guarantees that a business will follow applicable laws and regulations.
Fidelity bonds, also called employee dishonesty bonds or commercial crime insurance, protect companies and their clients from employees’ dishonest acts. Dishonest acts can include the following:
· Employee theft
· Robbery or burglary on-premises or in transit
· Money orders and counterfeit currency
· Forgery or alteration
· Computer fraud and funds transfer fraud
Contact Us Today
The team at Berger Briggs Insurance can provide additional details on bonds and assist you in securing the coverage you need. Contact us today to learn more about available options.