More like banking than insurance, surety bonds are three-party agreements. The surety will provide a guarantee to you (the obligee) that the principal (primary party who will be performing the contractual obligation) will perform the specific obligation. Underwriting is based on the financial strength of the principal. At The Daniel and Henry Co., we have a dedicated professional staff with the experience to find the right solution for your bonding needs.
These bonds are usually required by a city, county, or state to obtain a license or permit to do business. The bond guarantees that the licensee will adhere to specific laws, ordinances or statutes. Included in this category are License and Permit, Public Official, Fiduciary, Court, and Miscellaneous.
These bonds provide a guarantee to the project owner that the contractor will complete the job according to the contract and that all labor and material payments will be made. This category includes Bid Bond and Performance/Payment Bonds.