Contractor and Surety Bonds Insurance Coverage
Contractor and Surety Bonds for Florida Contractors
Chapman Insurance Group wants to protect you from project failure. In order to safeguard the work you do, consider investing in Contractor and Surety Bonds.
Three simple options
There are three parties involved in a surety bond.
Those parties include:
The Obligee
This is the entity that’s requiring the contractor to purchase a bond and guarantee future work.
The Principal
This is the contractor who is required to purchase a bond in order to guarantee their future work.
The Surety
This is the insurance company, like CIG, that backs up the bond and ensures the principal’s obligation to the obligee.
You may be required to take out a surety bond at some point in your care if you are a:
- Construction worker
- Subcontractor
- Plumber
- Electrical technician
- Architect
- Mechanical engineer
There are a several reasons as to why your company could benefit from having a contractor and surety bond.
- Poor project management systems
- Changes to business strategy
- Labor materials shortage
- An inaccurate estimate of cost or timing of the project
- Severe weather that affects the timeline of a project
- Death, illness, or departure of crucial employees
- Unexpected economic failures
Have questions about contractor and surety bonds? Ask an expert.
CIG will guarantee that the work you need done will be completed according to the contract that you create with the contracting company. We offer assurance and peace of mind.
Contractor and surety bonds near you.
Chapman Insurance Group offers contractor and surety bonds to contractors in Port Charlotte, Punta Gorda, Cape Coral, Fort Myers, Bonita Springs, and Naples, Florida.
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