There are four types of surety bonds:
- Bid Bond: Ensures the bidder on a contract will enter into the contract and furnish the required payment and performance bonds if awarded the contract.
- Payment Bond: Ensures suppliers and subcontractors are paid for work performed under the contract.
- Performance Bond: Ensures the contract will be completed in accordance with the terms and conditions of the contract.
- Ancillary Bond: Ensures requirements integral to the contract, but not directly performance related, are performed. At Alloy Insurance we pride ourselves in being leading insurance experts. Our extensive knowledge and years of experience has led us to specialize in combating diverse risk exposures by providing unique products such as Bonds.
We pride ourselves in being Eden Prairie. insurance experts. Our extensive knowledge and years of experience has led us to specialize in combating diverse risk exposures by providing unique products such as Bonds.
Eden Prairie surety bonds – also known as performance bonds – are distinct due to the fact that they help to encourage business, support economic development and protect consumers, taxpayers and businesses in a variety of ways.
Most commonly, surety bonds are known for:
- Assuring the completion of a variety of construction projects; i.e. schools, roads, office buildings, hospitals, etc.
- Facilitating compliance with state laws and regulations
- Protecting against breach of fiduciary, or government-backed, responsibilities
- Guaranteeing the payment of contractors
Alloy Insurance insurance professionals contain a level of expertise not found elsewhere. Bonds are a critical to protecting your business and safeguarding your livelihood—and our bonding experts can provide the following:
- Bid/Performance and Payment Bonds
- Licensee Bonds
- Court and Fiduciary Bonds
- Fidelity bonds
- Public Officials Bonds
- And more…
As your premier Eden Prairie insurance agency we have access to major bonding companies giving us the opportunity to secure the most convenient, confidential bond products at highly-competitive rates.
Interested in learning more? Contact our agency today to speak with one of our trusted agents who can further explain to you about surety bonds, fidelity bonds, licensee bonds and so much more! Allow us to help obtain the security you’ve been looking for.
Let Alloy Insurance help you choose a policy that will fit your individual needs. Protecting your assets, whether personal, business, or both, is our goal. A well-chosen policy can lessen the impact of some of life’s most common, yet unforeseen perils. We’re here to help when you are considering a bond for your business.
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