Among the many different types of insurance Hayes Brokers offers to our clients is a large variety of bond products. Bonds are available in many different industries and for many different limits depending on what your business requires.
What Is A Bond?
A bond is a financial instrument that differs from liability insurance or property insurance in that it includes three parties:
The surety. This is the insurance company that issues the bond.
The obligee. This is the party to whom the bond will be paid out if the conditions are met.
The principal. This if the party for whom the bond is written.
The surety issues a bond on behalf of the principal to an obligee to protect against losses the obligee may incur if the principal fails to meet a contractual obligation that is either financial or performance in nature, or both.
What Bonds Does Hayes Brokers Offer?
Hayes Brokers has access to many bonding companies with a wide range of products for nearly every need and industry. These bonds may include:
- Surety Bonds
- Performance & Payment Bonds
- Contractor License, Performance and Payment Bonds
- Motor Vehicle Title Bonds
- Motor Vehicle Dealer Bonds
- Tax Guarantee Bond
- Court Bonds (Plaintiff AND Defendant)
- Utility Bonds
- License & Permit Bonds
- Lost Instrument Bonds
- Fiduciary Bonds (Trustee, Conservator, etc.)
- ERISA Bonds
- Dishonesty Bonds (Owner/Employer & Employee)
- Notary Public E&O
- Tax Preparer E&O
- Signing Agent E&O
- International Bonds
- Custom Bonds
- Various High Risk & Hard To Place Business Bonds
This is certainly not a complete list of bond options available. Bonds can be written for janitorial services, contractors, tax preparers, tree trimmers, medical marijuana and any other industry that requires bonding.
Your Hayes Broker can help you determine which bonds and limits may be necessary for your insurance portfolio by performing a risk management analysis. Call today for more information.