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Bonds Information

Bond Insurance

Have you been searching relentlessly for  bond insurance for your construction business? Here at Neighborhood Insurance Service, we guarantee to provide you with high quality bond insurance for the lowest possible cost to you.

Types of Bonds

Surety Bond: Surety bond insurance is a promise to the consumer to pay a specified amount if the principal party fails to meet all obligations, such as incompletion of a contract. If your business, the principal, falls short of completing a specified job, your surety bond insurance will cover the amount owed to the obligee for failure to complete contract obligations.

Bid Bond: As a part of the bidding process the project owner may file suit if the winning bidder fails to undertake the project. Bid bond insurance guarantees the project owner that the winning business will complete in full the terms of the contract on which they bid.

Construction Bond: A construction bond is a form of the surety bond. With construction bond insurance, the principal gives a written statement providing that he will complete the entire contact according to the terms laid out in the original contract. In the event that the construction company cannot complete a project, construction bond insurance protects the interest of the principal in the event of incompletion of contract.

Performance Bond: This bond guarantees the project owner that the construction company will complete the project as stated in the contract relating to time and cost. If the contract is breeched in any form, the obligee may sue the principal for failure to complete project according to terms and conditions in the original contract.

Payment Bond: Payment bond insurance provides the principal with a written statement by the obligee ensuring payment according to the contracts terms and conditions. Payment bonds protect the principal against the risk of not receiving payment for their work; if the obligee fails to fulfill the contract payment the principal may sue the obligee for breech of contract.

Knowing what type of protection your company needs is vital. Our agents have over 15 years of experience working with bond insurance for construction companies like yours. Let us help you find what type of insurance is right for your company to ensure your rights are protected.

Contact one of our agents at Neighborhood Insurance Service  today to discover the variety of insurances and savings you might be eligible to receive. Call (601)-213-5661 today to see why thousands of construction companies have turned to us for their bond insurance needs!

 

cpalmer@neighborhoodinsuranceservice.com

            
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