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Surety Bonds

What are Surety Bonds?

Surety bonds are sold to guarantee the performance of one party of a transaction and can cover nearly all kinds of contractual agreement. At their core, surety bonds make sure that a business or person performs the work they’ve been contracted to do. Surety bonds typically concern three parties: the principal party (who is under obligation), the obligee party (who requires service), and the surety (insurance company).1 For those occasions where the principal party does not render its services, the surety assumes the obligation in its place as stipulated by a separate contract.2 Surety bonds are similar to property and casualty insurance in that they are a form of risk management, but operate under a different set of principles and obligations.3

Who needs Surety Bonds?

Construction contractors frequently purchase surety bonds to ensure they can complete their contract and pay their suppliers and subcontractors in a timely manner. Other companies and businesses can benefit from a surety bond on a regular or case-by-case basis, depending on the industry.

All About Insurance can provide bonds in the form of:

  • Performance and Payment Bonds – a bond that guarantees a job is satisfactorily completed by a contractor.
  • Contractor Bonds – a surety bond specially targeted for contractors.
  • Sub-Division Bonds – bonds that guarantee specific portions of a project.
  • Court Bonds – a bond that protects from potential costs resulting from a court case’s outcome.
  • Conservator Bonds – a bond that protects against the mishandling of a minor or disabled adult by his or her contractor (legal protector).
  • Fidelity Bonds – covers losses derived from the fraudulent acts of individuals.
  • Public Officials – safeguard the performance of public officials from losses imposed upon the taxpayer.
  • Liquor Licenses – mandate compliance with state liquor laws.

Our agents specialize in business insurance needs and understand that every business needs a special form of coverage. All About Insurance agents will discuss those needs with you while crafting a policy that covers your unique business concerns.

 

 

1"SIC 6351: Surety Insurance." Encyclopedia of American Industries. Ed. Lynn M. Pearce. 6th ed. Vol. 3: Finance, Service & Public Administration Industries. Detroit: Gale, 2011. 2468-2473. Gale Virtual Reference Library. Web. 2 Nov. 2015.

2"Principal and Surety." Gale Encyclopedia of American Law. Ed. Donna Batten. 3rd ed. Vol. 8. Detroit: Gale, 2010. 94. Gale Virtual Reference Library. Web. 2 Nov. 2015.

3"SIC 6351: Surety Insurance." Encyclopedia of American Industries

 

Our Locations

All About Insurance - Nationwide-Cary

590 East Chatham Street Ste. 100
Cary, NC 27511
Main office: 919-460-9996
Fax: 919-460-8897

All About Insurance - Acceptance Auto

3604 University Dr
Durham, NC 27707
Main office: 919-493-2911
Fax: 919-489-6399

All About Insurance - Auto Insurance Center

2626 S. Saunders St.
Raleigh, NC 27603
Main office: 919-832-2410
Fax: 919-828-6411

All About Insurance - Joel Davis Agency

410 S Main St
Graham, NC 27253
Main office: 336-222-9999
Fax: 336-228-1307

All About Insurance - Joel Davis Agency

2666 Ramada Rd
Burlington, NC 27215
Main office: 336-222-9998
Fax: 336-228-3153

All About Insurance - Main Location

101 Ephesus Church Rd
Chapel Hill, NC 27517
Main office:
Fax: 919-933-5150

All About Insurance - Mark Vitali Agency

1289 N. Fordham Blvd.
Chapel Hill, NC 27514
Main office: 919-933-4000
Fax: 919-933-5150

All About Insurance - Nationwide-Eden

210 E Kings Hwy
Eden, NC 27288
Main office: 336-627-1852
Fax: 336-623-5008

All About Insurance - Nationwide-Hillsborough

342 S Churton St.
Hillsborough, NV 27278
Main office: 919-732-2692
Fax: 919-732-6328

All About Insurance - Whitehurst Parker Agency

2605 Guess Rd
Durham, NC 27705
Main office: 919-479-8200
Fax: 919-471-3701

Our Providers

Testimonials

Accommodating, professional, helpful, and quick. Very comfortable experience and I was impressed by their capabilities. Highly recommended.

Brad M.
I feel lucky to have found an agent willing to provide this level of service. No need to look anywhere else!

Michelle D.
Over the years we’ve never once had to worry about our coverage. My husband and I are long-time customers and proud to be.

Carol S.
Surprisingly flexible and in-touch with my needs as a small business owner. Can’t ask for more.

Spencer F.
They have strong ties with the community, and it shows. It’s nice to do business with people that really show they care about you and your family.

Susan T.