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What Is Bond Insurance?

contact bayside insurance to discuss whether or not you need bond insurance for that large home improvement project.

A bond is defined as a contract among at least three parties:

  1. The obligee – the party who is the recipient of an obligation
  2. The principal – the primary party who will perform a contractual obligation
  3. The surety – who assures the obligee that the principal can perform the task

Bonding is just another form of protection. In the event that a homeowner is not satisfied with the workmanship of a licensed contractor for a home project, bonding gives homeowners the opportunity to be reimbursed or acquire necessary funds to hire another contractor to finish the job.

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