A surety bond is basically a written promise from an insurance company to pay for your mistakes or obligations. Your customers can make a bond claim for simply not liking the results. It is a guarantee that the customers satisfaction will be met. If your customers or vendors make a bond claim, You are then required to pay back the bonding company. It is basically giving a credit card to your customers and vendors. In Washington State Contractor bonds come in the limits of $4000 for an electrical bond, $6000 for a Specialty Contractor Bond and $12,000 for a General Contracting Bond.
Construction Bond – Bid, Performance and Payment Bonds and Supply bonds for contractors with program capacity needs from “First Bond” to $25 million.
License and Permit Bonds
Highway and Street Permit
Alcoholic Beverage Compliance Bonds
Receiver or Trustee Bond in Bankruptcy
County/City/School Treasurer Bonds
Loan Closing Attorney
FHA Schedule Bonds
Fidelity Bonds – ERISA (Pension Plans), Business Services Bonds (Janitorial)
Financial Institution Bonds and D&O Coverage – Commercial Banks and Savings Institutions, etc.
About Boyd Insurance Brokerage Inc
We are a medium-sized insurance brokerage that was established in 1996. As Independent Agents, we represent you, the CLIENT. Although we write all types of insurance, we specialize in auto and home insurance in the Northwest.