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.
Anyone with a qualified pension must have a ERISA Bond to protect the assets of the plan.
Protects your customer and your company in the event there are allegations that your employee was dishonest.
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.
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 secure the performance of obligations under a specific written contract. What types of contract bonds do we write? Here’s a partial list:
Non-contract bonds relate to obligations entrusted to individuals or companies by laws, courts or others based on the nature of the business.
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.
Required by elected or appointed public officials to guarantee they will perform the duties of their offices as provided by law.
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.
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.