INSPRO Bonding Services
Obtaining bonds can be a necessary part of your business operations. INSPRO has a long history of providing bond insurance and services. As your independent agent, we can assist with the application and approval process through a variety of bonding companies we represent. Contact your local INSPRO office today.
WHAT is a bond?
Having a better understanding of basic bonding information will help you manage a more successful business.
Surety Bonds are a type of insurance policy that includes a 3-way contract among the following parties:
- You (the bonded party)
- The Obligee (the bondholder)
- The Obligor (the insurance company)
The amount of the bond is called the Principal. In the event of a default by You, repayment of the Principal amount is guaranteed to the Obligee (the bondholder) by the Obligor (the insurance company).
Fidelity Bonds cover policyholders for losses they incur because of fraudulent or dishonest acts of individuals. Common examples of Fidelity Bonds are:
- Employee Dishonesty Bonds
- ERISA Bonds
- Financial Institution Bonds
WHO might need a bond?
Bonds are a common need in many businesses. All businesses should consider their needs for Employee Dishonesty Bonds and ERISA Bonds. Here are a few more various examples of bonding needs:
- Contractors - Bid Bonds. Performance Bonds
- Banks - Financial Institution Bonds
- Lawyers - Court Bonds
- Public Entities - Public Official Bonds
- Transportation - Broker bonds, Fuel Bond