Surety bonds primarily provide two major types of cover:
- Cover for financial losses to the project owner resulting from the contractor's neglect of contract terms
- Cover for payments to subcontractors and vendors for their due payments
While surety bonds assure 100% coverage for performance bonds, they provide 100% cover for payment bonds only according to the penalties stated in the bond contract.
With such complex situations - and potential losses - involved in the process, you should make sure you only work with trustworthy bonds sellers. With a nationwide networks of commercial insurance providers, we can help you get thorough coverage for your surety bonds for construction projects in both the public and private domains.