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Contractor Bond

– Surety Bond

SafePro Insurance Services offers all types of contractors bond including Contractor’s License, Performance & Payment, Subdivision and Permit Bonds. Competitive pricing is available for contractor bonds of all types. Contractors bonds are provided by A rated insurance markets. A short and easy bond application is needed for obtaining contractors bond premium quotes. Some carriers do require financial statements as well. For additional information on contractor license bond or any other types of contractors bond, please call our office contractors bond department. There are three parties to a surety bond; Principal (customer), Obligee (the party to be protected, example; state, city, county, municipality, individual, company) and the third party is Surety (the company that provides the bond-insurance company and or financial institution having authority to issue surety bonds). Contractor license bonds are required by state provide public protection.

- Bid Bond

Bid bond is filed with a bid for a construction project. When the contractors has a low bid and has been awarded the project, the bid bond guarantees that the contractor will provide the required performance bond.

- Performance Bond

Performance bond is a type of surety bond that guarantees the completion of a project. Performance bond is issued by an insurance company or state authorized financial institution.

- Payment Bond

Payment bond is filed by a contractor to guarantee that the his/her suppliers and subs will be paid.