Surety Bonds
At Blue Paddle Insurance Agency, we handle all types of Surety Bonds including License & Permit Bonds, Notary Bonds, Contractor Bonds, Court Bonds, & Fidelity Bonds.
Carriers vary by location.
What is a surety Bond?
A surety bond is a contract between three parties – the principal, the obligee, and the surety. The principal is the party who agrees to perform some contractual obligation, while the obligee is the party who is protected by the bond against any losses resulting from the principal’s failure to perform. The surety is a third-party who guarantees that the principal will fulfill the contractual obligations.
The surety bond serves as a form of insurance to the obligee, ensuring that they will be compensated for any losses they incur if the principal fails to fulfill their obligations. If the principal fails to perform, the obligee can make a claim on the bond, and the surety company will provide compensation up to the bond’s limit. The principal is then responsible for reimbursing the surety for any payments made.
Surety bonds are commonly used in the construction industry, but are also required for certain licenses, permits, and other business activities.
Do I need a surety Bond?
Whether or not you need a surety bond depends on the specific circumstances of your situation. In general, if you are engaging in a business or construction project, or if you need to obtain a license or permit for certain activities, you may need a surety bond.
If you are unsure whether you need a surety bond, it is best to consult with Blue Paddle Insurance Agency, a reputable surety bond provider or speak with the organization or agency requiring the bond.
FAQ
What information will you need to run a quote?
Generally, we will need your name, business name, address, phone number, State you will need bond in and what amount. If you would like to enter this information into an easy to fill form click here.
How easy is it to obtain a surety bond?
Most bonds under $25,000 can be issued immediately. Bonds up to $1M is based on credit status. Over $1M will require additional underwriting approval.
Can I search for Bonds in My state?
Yes, you can. The link here can take you to the application site and enter the state you live in and click search. It will bring up all the available bonds for your area.
Do I need a Notary Bond in my state?
These states require a Notary Bond.
| State |
|---|
| Alabama |
| Alaska |
| Arizona |
| Arkansas |
| California * |
| District of Columbia |
| Florida * |
| Hawaii |
| Idaho * |
| Illinois |
| Indiana |
| Kansas |
| Kentucky |
| Louisiana |
| Michigan |
| Mississippi |
| Missouri |
| Montana * |
| Nebraska |
| Nevada |
| New Mexico |
| North Dakota * |
| Oklahoma |
| Pennsylvania |
| South Dakota * |
| Tennessee |
| Texas |
| Utah |
| Washington * |
| Wisconsin |
| Wyoming |
| * We are licensed in these areas |