Surety bonds are a unique type of insurance because one person or business pays for it but someone else receives the benefit. They are used in a variety of business, personal and financial settings, and can be required to protect one party from the actions of the other.
We know that you can’t conduct business or win the job without the backing of a solid surety bond. That’s why we only work with the most reputable and trustworthy surety providers.
Whether your bond needs are personal or professional, basic or complex, James Insurance Agency can help. As an independent insurance company, we’ve partnered with the best sureties so that we can provide you a wide range of quality products to choose from. Whatever your needs and budget, we strive to create a surety bond that fits your exact needs.
What is the Purpose of a Bond?
A bond is often required when you owe a duty of care to someone else because the bond serves as insurance if that duty is not met. If a bonded person fails to meet their contractual or legal obligations, then the person whom they harm can make a claim against the bond to receive compensation. The purpose of the bond is to protect someone from committing fraud or otherwise causing harm to another without any recourse to recoup their losses.
When do you Need a Bond?
There are many reasons why you may need a bond. Local municipalities, states, and the US government may require a bond to work on a project, serve in the community or practice specific professions. For example, real estate agents are often required to be both licensed and bonded. A bond may also be necessary to gain benefits from the government, such as when a town requires someone to be bonded before issuing a license to serve alcohol.
Bonds are also common in some industries, such as construction. A bond can be used to protect a business or homeowner if their contractor does not complete the work as required. A bond is also required for financial institutions and companies that manage pension plans.
Sometimes bonds are used to protect business owners from the unlawful actions of their employees. People who own and operate companies that provide janitorial services, security services and in-home patient care should have a bond to protect themselves in the event of employee theft or damage to property.
Non-business uses of bonds can arise when you serve as an executor of someone’s will or serve as a trustee. If you are a party to a lawsuit, the judge may require that you acquire a bond to cover court costs or damages in the event that you ultimately lose the case.
James Insurance Agency Provides Surety Bonds
At the James Insurance Agency, we have extensive experience in helping our customers obtain the surety bond that meets their need. We provide a variety of bonds, including but not limited to:
Contract bonds are most commonly used in the construction industry and serve as guarantees that the project is completed according to the contract. The most common contract bonds that we offer are:
- Bid Bonds. These are bonds required by project developers to assure that the contractor is submitting a serious bid proposal.
- Performance & Payment Bonds. These bonds guarantee that a contractor completes the construction project according to the terms of the contract.
- Supply Bonds. These require suppliers to provide materials, equipment and supplies exactly as specified in a purchase order.
Commercial bonds can be used in a variety of commercial and professional situations. They are often used to protect clients or the public from the actions of someone who has a duty to perform specific services or actions. We provide commercial bonds that address many needs, including:
- License and Permit Bonds. These bonds are required by a municipality or other public entity as a condition of performing specific activities. James Insurance Agency offers Contractor License, Highway and Street Permit, Agent/Adjuster/Broker License, Fuel Dealer, Professional License, Automobile Dealer, and Alcoholic Beverage Compliance Bonds.
- Probate Bonds. A probate bond is used to ensure that the wishes of the deceased are carried out ethically and honestly. Types of probate bonds we offer include: Administrator; Executor; Guardian; and Trustee Bonds.
- Receiver or Trustee Bond in Bankruptcy. This bond assures that the receiver or trustee in a bankruptcy proceeding performs all required acts ethically and in the best interest of the company or according to the ruling of the court.
- Public Official. These bonds are often required by municipalities to assure that public officials perform their jobs ethically and to protect tax-paying citizens. We provide Public Official bonds for people in a variety of positions, including: Notary Public, Sheriff, Deputy Sheriff, Constable, Jailer, County/City/School Treasurer, Court Clerk, Loan Closing Attorney and FHA Schedule.
- Court Bonds. Court Bonds are used to address issue that arise during a civil court proceeding, as opposed to a bail bond. These bonds protect participants in the proceedings from fraud or misuse of finances. We offer Plaintiff Replevin, Plaintiff Attachment, and Cost Bonds.
- Miscellaneous Bonds. Our clients often need commercial bonds that fall outside of these categories and we deliver. If you require a bond that you don’t see on this list, contact us and we will help.
Fidelity bonds often required to protect people from the fraudulent actions of someone entrusted with their finances. They are also used to protect your business from the dishonest acts of your employees. The bonds that we offer are:
- ERISA (Pension Plans). This bond is required for people who manage pension plans to protect employees against fraud, mismanagement and misuse of funds.
- Business Services Bonds. These bonds protect a business if an employee steals from a client or otherwise causes harm or damage. They are most often used to protect businesses that provide an in-home service, such as home health care or cleaning, or a professional service such as janitorial or security. We provide bonds for a variety of service businesses including home health care, janitorial and security.
Financial Institution Bonds and D&O Coverage
These bonds are used to insure banks and other financial institutions from employee dishonesty, burglary, robbery, forgery and similar crimes. At James Insurance Agency, we provide Financial Institution Bonds and D&O coverage to:
- Commercial Banks
- Savings Institutions
- Credit Unions
- Other Financial Institutions
If you need a bond to bid projects, protect your business or other personal or professional needs, we have the surety products and services to meet your requirements. Let our experienced agents help you find the right bond for the best price.
To find out more about our surety products and services, contact James Insurance Agency today at 252-826-2151.
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