Surety Bonds Insurance

Surety_Bonds

Surety bonds are designed to guarantee performance in the face of a set of particular risks. Each surety bond must be uniquely tailored to meet specific needs.

Probate Bonds & Court Surety Bonds

ERISA Bonds

Anyone with a qualified pension must have a ERISA Bond to protect the assets of the plan.                       

Employee Dishonesty

Protects your customer and your company in the event there are allegations that your employee was dishonest.

Probate Bond

Execute the will according to the terms of the will. If someone deviates from the terms of the will, the bonding company makes it up to the beneficiaries of the will and tries to re-coop from the person that deviated. We also write a wide variety of fiduciary (probate) bonds to those who are required by law to distribute (administrator) or preserve (guardian) property or other assets held in trust. These individuals are required to post a bond guaranteeing the faithful performance of court-imposed obligations.


Bid Bonds & Performance Bonds

Bid Bond

You bid on a job and get the job. This bond guarantees that that’s how much you will charge. If you charge more the bonding company will see to it that you charge the amount of the bid. e.g. bid $500,000, charge $600,000 – then the bonding company attempts to be reimbursed from the contractor.

Contract Bonds

Contract bonds secure the performance of obligations under a specific written contract. What types of contract bonds do we write? Here’s a partial list:

  • General construction
  • Concrete, flat and vertical
  • Earthwork (excludes contaminated soil)
  • Road, paving and bridge
  • Roofing (max. 2 years maintenance), excludes asbestos if major item
  • Drywall
  • Insulation
  • Painting
  • Sheet metal
  • Steel fabrication
  • Electrical
  • Utility (sewer-water-drainage)
  • Flooring, carpet and tile
  • Landscaping
  • Masonry
  • Mechanical (HVAC and plumbing)

Non-Contract Bonds

Non-contract bonds relate to obligations entrusted to individuals or companies by laws, courts or others based on the nature of the business.

Financial Guarantee Bond

The bond guarantees results of a given situation. When we put a ‘Performance Bond’ on a construction job, if they fail to complete the job, the bond company gets the contractor to finish the job or they pay to have the job completed.

Public official 

Required by elected or appointed public officials to guarantee they will perform the duties of their offices as provided by law.

License and Permit 

Required by state law, municipal ordinance or by regulation, and, in some instances, by the federal government or its agencies. These bonds are used to guarantee actions associated with a license to engage in a particular business or a permit to exercise a particular privilege.

Miscellaneous / Programs 

In addition to the bonds profiled previously, Harleysville offers countless “miscellaneous” bonds to address special surety situations. Harleysville also has expertise in establishing non-contract surety programs on an efficient bulk-billed basis.

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