Surety Bonds | Mt Juliet TN

Surety bonds throughout Tennessee in Mount Juliet, TN, Nashville, TN, Murfreesboro, TN, Hohenwald, TN, Cookeville, TN, Clarksville, TN, Lebanon, TN and Gallatin, TN

A surety bond is an unusual form of insurance in that one person or organization pays for it, while another receives the benefit. It’s easier to understand with an example. Imagine a contractor is building a new office building for a government agency. The agency naturally wants a guarantee that the taxpayer won’t be left out of pocket if the contractor fails to deliver the offices as promised. The answer is a surety bond. The contractor pays a premium to an insurer to purchase the surety bond. The insurer then pays the necessary compensation to the agency if the contractor fails to deliver. The big difference between this and ordinary insurance is that the insurer can and will go after the contractor to get this money back. The point of the surety bond is that the agency gets the assurance that it won’t have to chase after the money itself. While government agencies commonly insist on a surety bond, it can work with any two organizations. The one that purchases the surety bond is “the principal,” while the one that gets any payout is “the obligee.” If there’s anything else you need to know about surety bonds, contact us today.

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Insurance is an arrangement between a company that provides a guaranteed compensation for a specific loss in return for a payment of premium.
A deductible is the amount of money you pay out of pocket toward a covered claim.
The cost of insurance depends on the type of policy you need and many other factors. Speak to an agent today for a quote.
If you own a business, or if you’re a subcontractor, having insurance could definitely provide necessary protection. Speak to an Agent today for details.
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166 Belinda Pkwy, Ste. 100
Mount Juliet, TN 37122

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Voted Best Insurance Agency in Mt. Juliet! We do Insurance... but different! Call or email us today!

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