We provide surety bonds that protect the owner of the contract from the risks involved.

The more complex a project, the more risk is involved. It makes sense that all parties would want to be as protected as possible before moving forward. Surety bonding has become a common practice in the construction industry, as investors want to be certain that the contractor will meet their obligations from the start of the project to its completion. There are three types of surety bonding that are sometimes required, although not all three are always involved:

• Bid surety bonding- The owner of the contract is asking for the assurance that the contractor acted in good faith when submitting the bid and will complete the work in accordance with its terms, including the amount of the bid.
• Performance surety bonding- This type of bond protects the owner of the contract from financial loss in the event that the contractor defaults on the contract.
• Payment surety bonding- It is the responsibility of the contractor to pay the subcontractors and the material suppliers. If they fail to do so, these companies can put an attachment on the property. This bond protects the owner of the contract against this financial hardship.

At Legacy Insurance Partners, we provide surety bonds that protect the owner of the contract from the risks involved. We are happy to meet with you to discuss how surety bonds work and learn more about your company to help you minimize your risk on an upcoming project. We can also go over insurance products that you might need to cover any vulnerability gaps you might have. Reach out to the professionals at our Davidson, North Carolina office to learn more.

With surety bonding representatives serving the communities of Asheville, Davidson, Greensboro, Hickory, North Wilkesboro, Albemarle, and Raleigh, North Carolina, our team at Legacy Insurance Partners is available to partner as your trusted business insurance advisor utilizing a consultative approach.