We’ve emphasized, in previous blogs, that a contractor has control in avoiding claims. The best way to avoid having a claim filed is to make sure that the contractor fulfills and documents all contractual obligations. But, if the contractor is not able to fulfill the contractual obligations, a claim may be filed. This will hurt the […]
Read moreThe U.S. service sector is a growing industry and has expanded over the last decade. A service industry includes any form of outsourcing, such as human resources, IT, leadership development, home cleaning services, in home personal care, etc. If a company outsources, it is important that they protect themselves from any form of negligence or fraud. […]
Read moreIn the contracting world, there are some myths about surety bonds. Do you really need one or is it just an added protection, for a costly price? This leaves the contractor with a decision to make: avoid the project or work without a surety bond. Below we dispel some of these myths: The first misconception […]
Read moreSurety bonds are a financial guarantee between three parties in a legally binding contract. These three parties are the obligee, the principal, and the surety. In essence, the surety guarantees payment of a specified maximum sum or compensation in case the obligee incurs any damages or loss caused by the actions (or a failure to […]
Read moreWhen it comes to surety bonds, insurance agents can encounter several hurdles. These can range from problems obtaining bonds, slow service or uncompetitive rates. In order to remedy this, insurance agents have two options. They can outsource their bonding business to another insurance company, with a sub-specialty in surety bonds, or develop a relationship with a surety bond […]
Read moreThe surety bond process can be overwhelming and confusing for newcomers. That’s why it’s important to have someone in your corner with knowledge and expertise about surety bonds. At Surety Bond Professionals, our expert agents are here to help. Many people have asked us, “How much does a surety bond cost? And what factors are […]
Read moreA guardianship bond is when a court appoints a person (the guardian) to take care of the affairs of another person (known as the ward). The guardian is entrusted with taking care of the ward’s personal and financial affairs. Sadly, this does not always happen. One sometimes hears of cases where a guardian abuses their power […]
Read moreAs many people may know, a surety bond is a written agreement guaranteeing the satisfactory performance of a contractual obligation. This agreement provides for monetary compensation in the event that a principal fails to accomplish the job per specifications in the bond. There are many who may confuse surety bonds with insurances. They may think […]
Read moreAlthough surety bonds are becoming more common in society, many people are not familiar with them. Yet, surety bonds are an important safeguard and/or necessity for many business owners, companies, federal and state government agencies. Bonds can play a very crucial role in business. They can protect a business and create trust when dealing with […]
Read moreIt is important to know how to avoid claims in order to protect your business. Therefore, in order to avoid claims, especially false claims, it is important to work with a surety bond producer who is knowledgeable and competent. To review, a claim is when a client makes a formal accusation against due to their assertion […]
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