Surety Bonds
Surety Bond Application (Microsoft Word) Surety Bond Application (Acrobat Reader)
What is a Surety Bond?
A Surety Bond is an agreement (an indemnity) made between three parties (the Principal, the Obligee and the Surety). It is usually needed to provide financial compensation in case you (the Principal) fail in duties or promises made to the requester of the bond (the Obligee). This compensation to the Obligee comes from the insurance company (the Surety) who issues the bond and guarantees the obligation will be met.
A Surety Bond is not like insurance but rather like a financial guarantee made on your behalf similar to an extension of credit for you to conduct business affairs. If a claim is paid out to the Obligee you are responsible for paying that claim or other possible losses back to the Surety. The Obligee is protected, you are liable and the risk is transferred to the Surety. Because of this the application process and cost for a bond can be based on a multitude of considerations such as credit and financial history, bond type, experience, etc. The indemnity is endorsed not just on a business level but also personally by the principal and spouse if married.
What type of Surety Bond do I need and can you produce it?
There are countless different types of Surety Bonds and each one has to be considered differently from an underwriters prospective. Insurance agencies can have difficulty finding the best avenue for any given bond causing you delay and possibly higher market premiums. For this reason Hedman Anglin Bara & Associates has allied with #1 Business Surety Bond Services to provide you with Surety Bond specialists focused in this area. All your questions will be answered to help you secure the Surety Bond you need at the most competitive premium possible. The specialists you will be working with have over 8 years experience writing Surety Bonds including Employee Dishonesty, Fidelity, Bid/Performance/Contract, License and Permit, Lottery Bonds, Court Bonds and many other types of Bonds.
Please contact our Surety Bond specialists anytime - during or after office hours - we'll be glad to help you.
(614) 864-5981
(800) 514-5981 (toll-free)
(614) 759-8334 (FAX)
#1 Business Surety Bond Services
