Surety / Bond Insurance

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

Russell Benefit Consulting 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