Surety Bonds are vital for companies in the high-risk and competitive business of contracting. Davis Insurance Agency, Inc. understands that a company’s ability to secure a bond program encompasses more than a sound balance sheet. It’s the quality of management, which over time, avoids risks and creates conditions for success. That’s why our goal is to develop a personal relationship with each client- to understand your business from top to bottom. With this partnership, we apply our knowledge and skill to help improve your operations. Our in-depth knowledge of how sureties evaluate your business and management puts us in a position to be able to negotiate with underwriters in order to secure the best possible terms and conditions for your surety program.
Given our large number of clients and our familiarity with strategic management decisions, we are also in a unique position to offer meaningful advice and counsel on various management issues. Davis Insurance has access to many highly-rated companies in the surety bond market. Our services include the following types of surety bonds:
Contract Bonds are also known as contractor bonds or construction bonds because they are often used to guarantee construction work on a project. Types of contract bonds include:
|Bid bond||Affords protection to a project owner (obligee) in the event a successful bidder will not enter a contract and will not provide the required surety bonds or other security|
|Performance Bond||Provides protection to the obligee if the contractor defaults on its obligations under the bonded contract|
|Payment Bond||Guarantees that the contractor will pay subcontractor, labor and material bills associated with the construction project|
|Purchased by a contractor that protects the owner of a completed construction project for a specified time period against defects and faults in materials, workmanship and design that could arise later if the project was done incorrectly|
|Subdivision or Site Improvement Bond||The key difference between subdivision bonds from regular contract performance bonds is that the owner/developer (the principal) has to pay the cost of building the bonded improvements rather than the public agency (the obligee). While not all sureties write subdivision bonds, for those that do, the underwriter will require information such as the scope of the improvements, a cost estimate, and where the money is coming from.|
|Supply Bond||Contract bond that guarantees materials will be delivered per the contract.|
Court and Judicial Public Official Bonds that guarantee awards or compliance with court rulings, including Appeal, Attachment, Cost, Receiver, Injunction, and Replevin bonds.
Federal Bonds that guarantee payment of various fees and compliance with federal requirements, including Contract Postal Station and Excise bonds.
License and Permit Bonds that guarantee business compliance with laws and regulations, such as Auctioneers, Contractor’s License, Highway Permit, Insurance Broker, Motor Vehicle Dealer, Mortgage Brokers, Liquor, and Detective.
Probate/Fiduciary Bonds that guarantee the good faith actions of court designees handling estates, such as Administrator, Conservator, Executor, Guardian and Trustee bonds.
Public Official Bonds that guarantee the faithful and honest performance of duties by officials, such as Clerk, Notary Public, Treasurer, Tax Collector, Deputy, and Sheriff bonds.
Miscellaneous Strict financial guarantees that protect consumers, such as Lost Instrument and Utility Deposit bonds.
Supply & Service Contractors Supply Contractors provide supplies or materials, such as lumber, chemicals for water treatment and chemicals/salt for roads. Service Contractors generally provide a type of service, such as janitorial and food service for schools.