Working with an Experienced Broker
If your construction company is looking for a financial solution to get a project off the ground, a HUB International broker understands how to make this happen. With Surety Bonds in Winter Park FL, you have access to a powerful financial instrument that satisfies the surety bond requirement of the involved parties. This arrangement is best organized with the help of an insurance professional backed by the resources of an experienced team.
Our Winter Park, Florida office makes it easy to contact us for your insurance needs. There we provide best-in-class insurance products and stellar customer service. Our advisors always look for personalized solutions to put your company in a position to succeed. We have deep roots in the Orlando community that stretch back over 50 years. Our main goal is to make sure you have the customized products you need now and into the future.
Understanding Surety Bonds in Winter Park, FL
Surety bond insurance offers a financial guarantee that a covered party, often a construction contractor, will fulfill its contractual obligations. This means completing the project on time and in a professional manner. Three parties are typically involved in a surety bond agreement:
- The principal, the party obligated to fulfill the terms
- The obligee, the party requesting the guarantee
- The surety, the party issuing the bond
With a surety bond in place, if the principal fails to fulfill its obligations, then the obligee has recourse by filing a claim on the bond. The surety then must pay the claim to the obligee to cover any losses. This complicated financial instrument can have substantial advantages for your company, especially when it comes to securing work for your business. A HUB broker at our Winter Park office can help you navigate through this process.
With surety bonds in Winter Park, FL, your construction company is put in a stronger position when soliciting contracts. The company you are contracting with has an added layer of assurance that the job will be completed. Many governmental agencies require surety bond insurance before they will enter a contract.
Deciphering the Different Types of Surety Bonds
Several different types of surety bonds are used by the construction industry, which is the largest user of these insurance bonds. It is important to select the right type of bond for each situation. Our HUB brokers make sure your company gets the most advantageous surety bonds in Winter Park, FL. Each bond type has different features:
- Contract bonds or construction bonds guarantee that a construction project will be completed according to contract terms or the developer can file a claim to cover financial losses.
- Bid bonds assure that the bidder on a project can meet the specific requirements of a bid.
- Maintenance bonds cover materials and workmanship for a period of up to two years after construction is completed.
- Payment bonds ensure payment of contractors, suppliers and workers and are often used for federal and commercial construction projects.
Your HUB agent is familiar with all these bonds, as well as performance bonds, fidelity bonds and utility bonds. Surety bonds for motor vehicle dealers and contractor licenses are also often required for companies. In many cases, federal and state laws require the use of specific bonds. Our agents will make sure you get the best surety bonds in Winter Park Fl for your needs.