Surety & Fidelity Bond Insurance
handle your surety and fidelity bonding needs.
Why should you consider this product?
- The ability to provide a bond can open up opportunities to bid on municipal and state contracts
- Surety bonds are a comprehensive and reliable instrument that can help you minimize risks in your construction projects
- There are many types of bonds that you may need, such as Bid Bonds, Payment and Performance Bonds, Permit & Licensing, and Probate & Estate Administration
- Hickok & Boardman Insurance Group has many available options including, agency or company issuance, direct bill or agency bill, and automatic renewals on loss-free business may be available.
A surety bond guarantees someone will perform work as specified in a contract, or that someone will make an agreed upon payment to another party.
Typically, bonds are required for local, state and federal construction projects to help safeguard public funds used for the projects. Examples include Bid Bonds and Payment and Performance Bonds.
These may be required to obtain a license or permit in many cities, counties, states, or other political subdivisions. They may be required for a number of reasons, including the payment of certain taxes and fees as a condition for selling products such as motor vehicles or contracting services.
This type of bond will protect against dishonesty and lack of faithful performance by a public official. Statutes and ordinances may require these bonds.
The Employee Retirement Income Security Act of 1974 (ERISA) was created to protect employee benefit plans against loss by acts of fraud or dishonesty. The ERISA policy limit must equal 10 % of the fund’s value up to maximum limit of $500,000 per plan. We can provide mandatory ERISA coverage in a simplified format.