Surety bonds are designed to guarantee performance in the face of a set of particular risks. Each surety bond must be uniquely tailored to meet specific needs. Commercial Insurance Associates provides surety bonding for contractors in Delaware, Maryland, Pennsylvania, Virginia, & more.
A surety bond is an agreement under which one party, the surety, guarantees to another party, the obligee, the performance of an obligation by a third party, the principal.
THE MOST COMMON TYPES OF SURETY ARE:
Contract Surety Bonds
Contract Surety Bonds are bonds that the government or an owner of a construction project may require a contractor to obtain. If you are bidding a job for any state, county, or local government, you will need a contact surety bond. There are three types of contract surety bonds:
Commercial Surety Bonds
Commercial Surety Bonds are required of individuals or businesses by the government, legislation or by other entities. Commercial Insurance Associates provides the following types of commercial surety bonds:
Who Needs a Surety Bond?
Contractors licensed in various municipalities across Delaware, Maryland, Pennsylvania, Virginia, and more may need to be bonded to renew their licenses. If you're involved in residential or commercial construction within these regions, it's highly likely that you'll require a surety bond at some point in your career. Count on us as your trusted experts in bonding solutions.
Commercial Insurance Associates has access to bond markets all over the Mid-Atlantic Region. Do you need to renew your contractor's license? Are you pulling permits for a local government? If you are a contractor who bids government jobs, have you shopped your bond rates recently? Call or text us at 855-722-5424 to learn more about our surety bonding services.