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Bonds

Bond Quotations
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CNA Surety Bond application - Under $250,000.pdf                              Line of Bonding Packet.pdf


Surety Bond Information
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A Surety Bond is the promise to pay one party, known as the obligee, if a second party, known as the principal, fails to meet an obligation as spelled out in a contract. If the principal fails to uphold it's contractual promise to the obligee the insurance company makes a claim payment to the obligee up to the value of the bond. Unlike other types of insurance, once payment is made the insurance company looks to the principal to reimburse them for their claim payment. 

The rating and approval process for a Surety Bond is heavily dependent upon the financial stability and abilty to pay of an insured. Customer history, credit reports, and  financial statement review can be part of the approval process depending upon the type and size of the bond. Some common types of Surety Bonds we handle are:
  • Bid Bonds
  • Maintenance Bonds
  • Performance Bonds
  • Payment Bonds
  • License and Permit Bonds
 

Fidelity Bond Information
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These bonds provide coverage in the event
a business suffers a loss of money or property due to an employee theft. The bond covers dishonesty acts such as theft, embezzlement, or forgery by an employee or group of employees. Coverage can also be purchased to extend coverage to employee theft of money or property of one of your customers.







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