We are pleased to offer you various commercial bonds for businesses in NC through various companies. By having multiple companies, we can get the best bond premiums and offer bonds other companies may deny.
Types of Bonds Offered
- lost title bonds
- bid bonds
- janitorial service bonds
- employee dishonesty bonds
- contract bonds
- notary public bonds
What is a Bond?
Simply put, a bond is a promise to pay. The bond company guarantees payment at the time of a loss to the company requiring the bond. The difference between bonds and insurance is, insurance will pay at the time of a loss and not ask to be reimbursed for the payment of the loss. Bonding companies will still come back to the insured looking to be reimbursed for that payment.
Who Are the Parties Involved in a Bond?
Principal– The principal is the person required to have the bond and takes out the bond.
Obligee– The obligee is the company requiring the bond.
Obligor– The obligor is the company guaranteeing the payment. They can also be referred to as the surety.
Most of these business bonds meet minimum premiums and depending on the type have terms from 1 to 3 years. Most bonds can be issued instantly in the office and you can walk away immediately with your bond.
Bonds can be required by many entities ranging from other businesses, municipalities, or the department of motor vehicles. The amount of the bond required and the duration of the bond will vary depending on the bond type. It is best for you to forward your requirements to one of our agents so we can assess what it is you need. From there we can shop all of our markets to get you the best possible bond premium.
If you are in need of a commercial bond for your business please contact us today at (704) 494-9495.