What is a surety bond? The commercial surety market includes numerous types of bonds categorized as court judicial, court fiduciary, public official, license and permit, contract, and many miscellaneous Massachusetts region surety bonds that include guarantees of financial performance. Humphrey, Covill & Coleman Insurance Agency also writes fidelity bonds, which cover losses arising from employee dishonesty, and errors and omissions liability insurance. Contract bonds guarantee the performance of obligations covered by a written agreement between two parties. The most common types include bid, performance, and payment bonds. Our contract surety operation provides bid, performance, and payment bonds for all sizes and types of contractors. Other types of bonds that we write are:
- Dishonesty Bonds
- Federal Brewer
- Federal Distilled Spirits & Wine
- Janitorial Services
- License & Permit
- Lost Instrument
- Notary Public Errors & Omissions
- Public Official Bond
- Tax Preparers' Errors & Omissions
- Plumbing Contractor / Drainlayer Bonds
- Street & Sidewalk Bonds
- Constable
- Sign Installation Bond
- Dumpster Bond
- Wetland Conservation Bond
- MA Cigarette Excise Tax
- MA Clam Digger
- MA Debt Collector
- MA Employment Agency Bond
- MA Health Club Bond
- MA Master Diggers Permit
- Mortgage Loan Originator
- Vehicle Glass Repair Shop
- MA Probate Bond
- MA Real Estate Broker Bond
- Treasurer Term Bond
- MA Used Motor Vehicle Dealer Bond
Bond insurance can be important for residents and businesses in New Bedford, Massachusetts, that are involved in various types of bond transactions.
How Can Surety Bonds Be Helpful?
Bond insurance provides protection to investors who purchase these bonds by guaranteeing that the issuer will make timely payments of principal and interest on the bonds. This means that in the event of a default or other financial difficulty, our independent insurance agency will step in to make the payments on behalf of the issuer. For residents and businesses, bond insurance can be important because it can provide added security and help to lower the cost of borrowing for public projects. By providing a guarantee of timely payments, bond insurance can make municipal bonds more attractive to investors, which can in turn lower the interest rates and borrowing costs for the issuer.
We Specialize in Contractors' Bid, Performance, & Payment Bonds
If you have a project that requires a contract bond that you are bidding on, we can provide a bid bond. Once you are awarded the job, we can write the performance and payment bond. Our agency can also supply you with a "Letter of Bondability", so you know how much of a bond you or your company is eligible for. So don't wait until you want to bid on a job; let us get your company pre-approved. We also provide many other types of business insurance.
Can Bond Insurance Provide Protection?
In addition, bond insurance can help to protect the credit rating of the issuer, which is important for maintaining access to capital markets and ensuring favorable borrowing terms in the future. A higher credit rating can also result in lower interest rates and borrowing costs for the issuer, which can ultimately benefit residents and businesses in the community. General liability insurance is another vital way to protect your business.
Is Bond Insurance Important?
Overall, bond insurance can be an important tool for municipalities and public entities to raise funds for public projects, while providing added security and lowering borrowing costs. Residents and businesses that are involved in municipal bond transactions should consider the benefits of bond insurance and work with their financial advisors to determine if it is appropriate for their specific situation.
Why We Are Different
You may think you want the least expensive insurance you can find, but cheap is not everything.
While most insurance products are similar in price and function, insurance providers vary when it comes to structuring a policy that actually covers you.
There is no such thing as a one-size-fits-all insurance policy when it comes to your business. Our agency works with some of the premiere bonding companies in the country.
Contact us today, and we will help you protect what matters most.