Surety / Bond Insurance

Surety Bond Insurance: Promissory Note, Guarantee to Perform, Bid, Contract, Customs, Fiduciary, License, Notary, Indianapolis, Indiana

McGuire & Russell Insurance Services of Indianapolis provides Property and Casualty protection to businesses of all types and sizes in Indiana, the Midwest, and all of the U.S. As a part of this service, we can provide Surety Bonds for a variety of applications.

Surety Bonds: Putting Their Money Where
Your Mouth Is

Bonds act as a form of promissory note, whereby one party (the surety) guarantees that a second party (the principal) will fulfill a specific set of requirements for a third party (the obligee.) Failure to comply would result in payment of the bond amount to the obligee.

A Bond for Every Occasion

There are a wide variety of bonds we can provide, depending on the needs of the principal and the surety. A few examples include:

• Bid Bond - guarantees that a bidder will enter into the contract, if awarded, and furnish a performance bond if required.
   
• Contract Bond - a guarantee of good faith in the execution of a construction contract and payment of all related labor and material bills
   
• Customs Bonds - guarantee the payment of import duties and taxes, and compliance with regulations pertaining to entry of merchandise from foreign countries
   
• Fiduciary Bond - guarantees faithful performance of duty of administrators, executors, guardians, committees, etc., in accordance with the laws applicable to a trust
   
• Fixed Penalty Bond -  bond amount is expressed in terms of a stated and definite sum of money
   
• Forfeiture Bond -  full penalty is payable upon breach of the condition regardless of the amount of loss or damage
   
• Indemnity Bond -  any bond which protects the obligee against direct loss due to a failure to perform on the part of a principal
   
• License Bond (also called a permit bond) - bonds required by state law, municipal ordinance or regulation, to be filed before being granted a license to engage in a particular business (such as a liquor license for a new restaurant)
   
• Performance Bond -  guarantees faithful performance of the terms of a written contractor for furnishing supplies or construction services
   
• Subcontract Bond - required by general contractors, guaranteeing that the subcontractor will faithfully perform the contracted work in accordance with the terms of the contract
   
• Notary Bond - Guarantees that a notary faithfully performs the duties of a notary public