Surety Bonds

Surety Bonds

Our Surety Bonds Difference

We maintain strong and deep relationships with the largest surety companies in the world. Combined, our global reach and dedication to client success has allowed us to develop valuable partnerships with many national companies, strengthening the level of service we can provide our clients. Ongoing communication is at the core of our approach towards structuring surety programs. 

Our clients are our partners. We believe it’s not only a sustainable way to do business, but a strategy to ensure the best possible surety programs.

What are Surety Bonds?

A surety bond is a three-party agreement where the surety company guarantees to the obligee (owner, client, other) that the principal will perform. In the event the principal fails to meet its obligation, such as fulfilling the terms of a contract or paying for reclamation/cleanup costs, the surety bond/surety company indemnifies the obligee, up to the limit of the bond, against losses resulting from the principal’s failure to meet the obligation. 

Surety bonds function much more like letters of credit than like insurance policies. In the event a bond claim is paid by a surety, they will seek reimbursement from their principal under the terms of indemnity agreement that is in place between the parties.

Solutions We Provide

Performance Bonds

Protects the owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions.

Payment Bonds

If required, assures that the contractor will pay certain workers, subcontractors, and materials suppliers.

License and Permit Bonds

Required by certain federal, state, or municipal governments as prerequisites to receiving a license or permit to engage in certain business activities. These bonds function as a guarantee from a surety to a government and its constituents (obligee) that a company (principal) will comply with an underlying statute, state law, municipal ordinance, or regulation.

Insurance Program Bonds

Required by the insurer as collateral to ensure sufficient funds for payment of claims under the program.

Environmental Financial Guarantee Bonds

Required by the Environmental Protection Agency (EPA) and its state counterparts, to ensure sufficient funds for remediation, closure and post closure purposes. They are designed to protect the community from remediation and closure costs and to provide funding so that the closure plan can be implemented.

Workers Compensation Bonds

Required by the states for those who self insure their workers compensation liabilities. Workers compensation bonds guarantee to the states that the company can meet their requirements under the laws or the surety will indemnify the State.

Court Bonds (Judicial)

Prescribed by statute and relate to the courts. Judicial bonds arise out of litigation and are posted by parties seeking court remedies or defending against legal actions seeking court remedies. Learn More