Hawaii Island Insurance - Your Hilo, HI. Surety Bonds Professionals
A surety bond ensures contract completion in the event of contractor default. A project owner (called an obligee) seeks a contractor (called a principal) to fulfill a contract. The contractor obtains a surety bond from a surety company. If the contractor defaults, the surety company is obligated to find another contractor to complete the contract or compensate the project owner for the financial loss incurred.
There are four types of surety bonds:
We pride ourselves in being Hilo, HI. insurance experts. Our extensive knowledge and years of experience has led us to specialize in combating diverse risk exposures by providing unique products such as Bonds.
Hilo, HI. surety bonds – also known as performance bonds – are distinct due to the fact that they help to encourage business, support economic development and protect consumers, taxpayers and businesses in a variety of ways. Most commonly, surety bonds are known for:
In regards to this level of coverage, there are thousands of classes of bonds available. For example, contractors often require a particular class of bonds called “Performance and Payment” bonds. Typically, the common element to all surety bonds is that a bond is a financial or performance guarantee.
Hawaii Island Insurance insurance professionals contain a level of expertise not found elsewhere. Bonds are a critical to protecting your business and safeguarding your livelihood—and our bonding experts can provide the following:
As your premier independent Hilo, HI. insurance agency we have access to major bonding companies giving us the opportunity to secure the most convenient, confidential bond products at highly-competitive rates.
Interested in learning more? Contact our agency today to speak with one of our trusted agents who can further explain to you about surety bonds, fidelity bonds, licensee bonds and so much more! Allow us to help obtain the security you’ve been looking for.
Let the Hawaii Island Insurance, help you understand and protect all of the risks you run and all of the perils your business faces. We will do this with a well thought out and executed business insurance policy designed just for our Surety Bonds policy holders.