There are several types of Surety Bonds for contractors: Bid Bonds, Performance Bonds, Payment Bonds, License Bonds and Supply Bonds are a few. In general, surety bonds assure a project owner that they can rely on contractor performance, ability to make payments to certain other parties (sub-contractors, e.g.), good faith bid submissions and so on. The issuer of sureties, usually an insurance company subsidiary, investigates the abilities of a contractor and, in the event of a valid claim, will make reimbursement for non-performance according to the terms of the surety.
Information Needed for General Agreement of Indemnity:
Contact an insurance specialist at Sea Mountain Insurance today to answer any questions about Contractors Bonds or for a free review and insurance quote for Contractors Bonds. And don't forget, as an independent insurance agency, we represent several top rated insurance companies. We have the flexibility to find you the right coverage at competitive premiums for business, home, auto and more.