Types of Bonds
Surety Bond Leaders
We provide different types of bonds for businesses, including contract surety bonds, commercial, and court bonds. We can help you determine what type of bond you need and how much coverage you require.
Countless families depend on the jobs created by our customers and the experts at Florida Surety Bonds have helped create jobs at our customer’s companies by helping our customers grow their businesses through access to surety credit, the good counsel of surety bond agents, and the dedicated service of our customer service team. As an independent, family-owned business, providing superior service and solutions to these businesses, and all who depend on them, is what fuels us.
Contract & Constructions Bonds
A contract bond guarantees a contractor's performance on a construction contract. Common bonds include Bid, Performance, Payment, and Completion Bonds.
Court Bonds
Court bonds in civil proceedings include three major categories, Judicial Bonds, Admiralty Bonds, and Fiduciary Bonds.
Commercial Bonds
Guarantees performance of obligations between parties, such as, Credit Repair Bonds, Motor Vehicle Bonds, Agriculture Bonds, and more.
License & Permit Bonds
Compliance guarantees required by a license or permit, commonly used for elections and plumbers, real estate brokers, and car dealers.
What is the need for and the purpose of surety bonds?
Protects the Owner
The primary purpose of a surety bond is to protect the project owner from financial loss. If a contractor fails to complete the job or pay its suppliers and subcontractors, the surety company steps in to cover the costs. This financial guarantee ensures the project is completed according to the contract, safeguarding the owner’s investment against contractor default.
Form of Credit, Not Insurance
A surety bond is a form of credit, not an insurance policy. It is a three-party agreement where the surety guarantees the contractor’s performance to the owner. Unlike insurance, which anticipates and pools losses, a surety expects no losses. If a claim is paid, the contractor is required to reimburse the surety company in full under an indemnity agreement.
Trustworthy Contractors
The need to obtain a surety bond serves as a crucial prequalification tool for identifying trustworthy contractors. Before issuing a bond, sureties conduct a thorough review of the contractor’s financial stability, experience, and character. Therefore, a contractor who can secure a bond has been vetted by a financial institution, signaling their reliability and capacity to successfully complete the project.
Get started with your Surety Bond.
For start-ups, design-build, small and large contractors, all we do is bonding. Let us know how we can help you.