Bonds - Small Business Solutions/Bonds
Towne Insurance partners with a number of surety companies which gives us flexibility to serve our clients no matter the bonding need:
- Surety Bond: A financial guarantee of your performance of a specific action.
- For example, a builder may be required by his client to buy a bond under the terms of a construction contract. If the builder fails to perform as agreed, the client can get a settlement. The bonding company will then seek reimbursement from the builder, who is the principal under the surety bond.
- License and Permit Bonds: Other types of Surety Bonds that governmental agencies may require businesses to obtain to guarantee their compliance with laws and ordinances and to guarantee that they will perform in good faith.
Contract, Probate, and Crime and Fidelity bonds are other types of Surety Bonds.