A surety bond is a written obligation by an insurance company (‘the surety’) guaranteeing a payment to the recipient of the bond (‘the beneficiary’) against a contractual default by your company (‘the principal’).
The surety guarantees to reimburse the beneficiary for any loss should the principal breach its obligations. A surety bond usually stays in force until the principal fulfills its obligations to the beneficiary.
Contract Surety Bonds
Patriot is able to arrange a wide variety of bonds from standard to the most difficult bond risks.
With several programs under which to write bid bonds, Patriot can write the right one for you.
Generally the bonding approval system for contracts under $100,000 is based on an owner’s personal credit history; approval of bonds for contracts over $100,000 is based on personal credit history and the business financials.
- License and Permit Bonds
- Mortgage Broker Bonds
- Subdivision Bonds
- Auto Dealer Bonds
- Appeal or Court Bonds