The concept of “surety” is an ancient practice dating to Biblical times. Webster defines "Surety" as:
(1) A formal engagement (as a pledge) given for the fulfillment of an undertaking;
(2) Guarantee or a basis of confidence or security; and
(3) One who has become legally liable for the debt, default, or failure in duty of another
Summarized in another way, a "Surety Bond" is a written agreement providing for monetary compensation or satisfactory completion of an obligation by the surety (bond underwriting company) should the principal (person or organization purchasing the bond or being "bonded") fail to perform specified acts within a stated period of time. This means that a bond is a "three-party agreement" whereby the surety is bound, with the principal, to the obligee (the person or entity requesting/requiring the bond.)
Conour Insurance, Inc. can assist with a wide variety of bond needs for Alabama-based businesses and individuals. Whether you are a contactor and in need of a bid or performance bond or a supplier of materials, we have the resources and access to surety bond underwriters to assist with your request. Certain types of bonds guarantee the performance of obligations covered by a written agreement between two parties. These are often referred to as "contract bonds". The most common types include bid, performance and payment bonds.
The Commercial Surety Market includes numerous types of bonds categorized as court judicial, court fiduciary, public official, license and permit, and many miscellaneous bonds that include guarantees of financial performance. These types of bonds have historically been referred to as "non-contract" bonds. Another common type of general bond category would be “Fiduciary Bonds”. A fiduciary is someone appointed (for example, by a Probate Court) to handle the affairs of another who is unable to handle his or her own affairs. Some examples of fiduciary bonds are:
These are just a few examples of the types of bonds we are able to provide and whether you are a General Contractor or the Administrator or Personal Representative of an Estate, Trustee for a Retirement Plan that needs an ERISA Bond, Lawyer or Landscaping Contractor we would welcome the opportunity to assist you with your bond request. Please use the contact us form or call us at (855) 755-2013-Toll-Free or Local (205) 822-7020 and a member of our agency staff will be happy to assist you with your bond request.