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The right bonds can be essential for your business. Two common types of bonds business secure are surety bonds and fidelity bonds. Surety bonds can help you attract clients as they provide assurances that you will meet contractual obligations. Additionally, surety bonds may be required for specific licenses or permits. Fidelity bonds provide vital insurance against employees’ dishonest acts.
Bonds may seem complicated, but the knowledgeable team at Gerardo Carbajal Insurance Agency Inc. in Walnut Creek, California, can help you get the bonds that suit your business needs. Contact us today for more information.
Surety bonds guarantee that your operations will adhere to a contract or meet specific regulations.
There are three parties in a surety bond agreement:
- The principal purchases the surety bond.
- The obligee, a governmental or private party, requires the purchase of a surety bond.
- The surety (e.g., an insurance company) underwrites the bond.
If a principal doesn’t meet the surety bond’s terms, the obligee may file a claim against the bond. The surety then investigates the issue, and the principal may have an opportunity to resolve the situation. However, if the issue isn’t fixed, the surety may compensate the obligee up to the bond’s amount. The surety will then seek repayment from the principal for that expense.
There are several types of surety bonds, including commercial surety bonds and contract surety bonds.
Commercial Surety Bonds
Commercial surety bonds provide assurances that a business will comply with specific regulations. For example, license and permit bonds guarantee that a company seeking a license or permit will follow specific laws.
Contract Surety Bonds
Contract surety bonds provide assurances that businesses will satisfy the terms of a contract. Examples of contract surety bonds include:
- Bid bonds guarantee a business will start a project if they win the contract.
- Performance bonds guarantee a business will finish a project in accordance with the contract.
- Maintenance bonds guarantee a business will remedy a defect in material or workmanship that manifests within a set time frame (e.g., one year) after a project is completed.
Other contract surety bonds may be available. Contact your agent for details.
Fidelity bonds are a type of business insurance. They may provide protection against losses caused by your employees’ dishonest acts (e.g., fraud, embezzlement, forgery and theft). Coverage may also be available to cover dishonest acts of volunteers.
Contact Us Today To Get the Bonds You Need
The professionals at Gerardo Carbajal Insurance Agency can help you obtain the bonds that are right for your business. Contact us today to get started.