WHAT IS A SURETY BOND?
Ever wonder what a surety bond is, or why you need one? There is no shortage of work to be done, or contractors willing to perform it. However, entities paying for work with public tax dollars must confirm that the contractor can complete the job correctly, on time, and for the agreed price. That's where the surety comes in.
Contractors typically pursue the work by submitting a bid proposal. Our first job is to evaluate the contractor's ability to perform the work. After our successful analysis we provide a bid bond to accompany the construction proposal. When our client wins an award of the contract we provide the statutory performance and payment bond; then the work commences.
We pre-qualify the contractor for the project, then provide an irrevocable guarantee (performance and payment bond) that the work will be performed in accordance with the contract terms.
For more info, watch this short video "Getting Your First FIA Bond"
There’s a simple reason why I have been doing business with First Indemnity for the past 20 years: They deliver! For as long as I have been working with them, First Indemnity has been responsive to submissions, flexible in their underwriting approach and creative in finding bond solutions to assist your accounts. They’ve made my life as agent much easier and relieved much day to day stress. I look forward to working with the organization and the fine staff for many more years to come! P.S. Could have probably written a few pages actually.
Bond Manager, Agent