Surety and Bonds
Lawyers Insurance Alliance offers an array of surety and bonds through the Acrisure network. Paired with local service from our team, these policies serve as contracts and certifications of compliance.
Working in various industries, your local risk advisors work with the leading bond agency to provide your business with the best surety and bonds available.
We provide surety for a variety of reasons. Talk to one of our risk advisors if you fall into one of our four basic business categories.
Traditional – general contractors and corresponding sub-trades, heavy-highway, utility, etc.
Specialty – environmental remediation contractors, waste companies, mining operations, bonds required in the oil and gas industry, etc.
Development – guarantees which include subdivision bonds, similar complex guarantees, and a multitude of unique requirements facing this industry.
License, Permit & Miscellaneous – small compliance bonds required by state and local regulators.
What is a surety bond?
Surety bonds are a promise by a surety company to pay the first party if a second party fails to meet its obligations. Three parties are involved:
- The principal: The person who must make good on an obligation.
- The obligee: The person who needs a guarantee that the principal will perform.
- The surety: The issuer of the surety bond guaranteeing that the principal will meet its obligation.
How does a surety bond work?
At its simplest, a surety bond requires the surety to pay a set amount of money to the obligee if a principal fails to perform a contractual obligation. Obligees are frequently government agencies, but commercial and professional parties can also use surety bonds. Surety bonds help principals, typically small contractors, compete for contracts by reassuring customers that they will receive the product or service promised.
To obtain a surety bond, the principal pays a premium to the surety, typically an insurance company. The surety bond requires the principal to sign an indemnity agreement that pledges company and personal assets to reimburse the surety if a claim occurs. If these assets are insufficient or uncollectable, the surety pays its own money to satisfy the claim.
- Contract Surety Bonds
- Contractor Bid Bonds
- Contractors Performance & Payment Bonds
- Court Surety Bonds
- Development Bonds
- Environmental Remediation
- ERISA Bonds
- Fidelity Bonds
- Landfill Closure & Post-Closure Bonds
- License & Permits
- Notary Bonds
- Oil & Natural Gas Bonds
- Reclamation Bonds
- Specialty Bonds
- Vehicle Title Bonds
Our local expertise and relationship-driven team is eager to provide you with surety from a world leader. Contact us today to discuss surety and bonds tailored to your business.