Surety Bonds are designed to guarantee a principal’s integrity and honesty, performance and financial responsibility, as well as compliance with a law or contract.
United Insurance Agency is a respected Surety Bonds provider, offering quality surety bonding services for over 10 years. Our portfolio of surety bonds has the flexibility to meet your business needs including Contract and Commercial bonds.
Our expertise in Surety Bonds include:
- ERISA Bonds
- Contract Bonds – Bid, Payment Performance, Supply, Maintenance
- Commercial Bonds – License & Permit, Lottery Bonds, Liquor Bonds, License Bonds, Tax Bonds (Tobacco, Alcohol, Excise, Fuel))
- Environmental Bonds
- Specialty Bonds
- Public Officials Bonds
- Probate or Judicial Bonds
- Custom Bonds
Types of Surety Bonds can be written in one day:
- Lottery Retailers’ Bonds (such as Ohio Lottery, Georgia Lottery, Tennessee Lottery)
- Ohio Liquor Agency Bonds
- Contractor’s License Bonds
- Tax Bonds (such as Excise Tax, Fuel Tax)
- Custom Bonds (such as import of goods, machinery and etc… in the United States Court and Probate Bonds)
Judicial and probate bonds, also referred to as fiduciary bonds, secure the performance on fiduciaries’ duties and compliance with court order, e.g. administrators, executors, guardians, trustees of a will, liquidators, receivers and masters. Judicial proceedings court bonds include injunction, appeal and indemnity to sheriff, mechanic’s lien, attachment, replevin and admiralty.
Public Official Bonds
To protect the interests of taxpayers and consumers, many state statutes or ordinances require public officials to obtain a bond. Public official bonds guarantee that a public official comply with statutes such as handling money or other assets entrusted to him or her with honesty, and the bond may also guarantee that the official faithfully performs his or her duties. Here are some areas that this would apply:
- Notary Public
- Mayor or Council Members
- Local or State Government Treasurers and Subordinates
- Tax Collectors and Subordinates
- Clerks of courts
- Sheriff, Peace Officer, Deputies
- Constable, Marshal, Policemen
- Public Employees
- Public Administrators
Learn About the Contract Bonding Process
Before a contract surety bond can be issued, the contractor must be evaluated and qualified to assure the project owner that the contractor possesses the resources and capacity to perform the contract according to its terms and conditions. This process is known as contract bonding.
Get the financial statements required for contract bonds
Many surety companies have very stringent financial reporting requirements for contractors, such as requiring contractors to provide CPA-prepared financial statements. In some cases, Nationwide accepts alternate forms of financial statements, such as in-house prepared statements and income tax returns. For new contract bond submissions, we require the three most recent year-end business financial statements and a current year-end personal financial statement for each owner.
Understand the underwriting process for contract bonds
Our unique underwriting approach emphasizes personal and business assets, which means we base our underwriting on the total financial strength of a contractor’s business and its owners.
Part of our process for underwriting contract bonds includes calling a contractor’s banker, suppliers and job references to learn more about their business practices. This background check allows us to provide surety credit without strict reporting requirements.
If there’s anything else you need to know about surety bonds, contact us today.