We provide a wide variety of bonds for our commercial insurance customers, from surety bonds to contractors license bonds to fidelity bonds, contract bonds, oil and gas plugging bonds, and many things in between. Surety bonds ensure contract completion in the event of contractor default.
A surety bond is an agreement subject to a contract or permit, that usually ensures financial compensation if a contractor fails to perform services referenced therein. A surety bond is a generic name for all bonds. License and Permit Bonds are usually required by government agencies in order to obtain required permits to perform jobs or travel. These are required because the work or travel could cause injury to the public or damage to public or private property.
A surety bond has three parts, and the first is the obligee. This is the entity requiring the bond. Second is the principal. The principal is the person who will perform the contractual obligations described in the bond form. The third part is the surety company. This is the entity insuring the bond.
InSource offers this unique form of insurance for all your project needs.