At MarMar Insurance Agency we have different types of surety bonds: Commercial & Contract.
Bonds are not insurance policies – they’re guarantees. It is not uncommon for businesses and contractors to have certain projects bonded to ensure they are completed, no matter what complications may arise.
Commercial Bonds
Commercial surety bonds come in a wide variety of specialties and are most frequently required for business owners who must be bonded to legally operate under their state’s guidelines. Most business owners will require at least one bond to obtain a business license.
Among the most common commercial bonds are:
ARC Bond A bond required by the Airlines Reporting Corporation.
Money Transmitter Bond Required by many state governments for money transmitters to obtain a bond guaranteeing they will operate in accordance with the terms of their license.
License & Permit Bond These bonds guarantee that the principal will abide by the terms of the license they file the bond for. Some of the most popular types include Auto Dealer Bonds, Contractor License Bonds, Mortgage Lender Bonds, and Mortgage Broker Bonds.
Contract Bonds
Contract surety bonds are comprised of several bond types that cover a construction project from start to finish. Whether you need a single bond to get your project started or multiple bonds to secure a new project, MarMar Insurance Agency is prepared to inform and assist you.
Bid Bond A guarantee that the bonding company will provide a performance bond if the contractor is awarded the job.
Performance Bond A contract bond to guarantee the completion of a project per the terms of the contract.