A surety bond is a promise to be liable for the debt, default or failure of another. It’s a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee). Industries that often require Surety Bond coverage are construction contractors, freight haulers, mortgage brokers and auto dealers among many others.
Your state may require a surety bonds to satisfy licensing requirements, tax compliance and other financial requirements. Contact EPB&B of Portland, Oregon for information about your specific business situation.
Providing surety bonding protection requires an understanding of the businesses financials, contracts and the surety bond market. Elliott, Powell, Baden & Baker insurance has a dedicated surety bond team that will take the time to understand your risks and strive to protect you and your business. EPB&B has relationships with national surety companies as well as regional markets. This enables us to match your needs to the correct program. Contact our office for guidance on the right Surety Bond coverage and we’ll provide the quote you need.
Specialized Surety Bond coverages can include:
SAFETY ASSIST
Use our exclusive risk-management platform to develop a proactive risk management program. Access ready-to-use safety and training programs, an automated SDS manager, and software to help you manage certificates of insurance and track and trend incidents and claims.
CLIENT PORTAL
Through our website you can utilize Service 24/7, allowing you instant access to your account for immediate certificates, as well as the ability to view policies, track claims, submit questions, and more. 24 hours a day, 7 days a week.
DISCLAIMER
Some policies are different from what’s described here. Be sure to read and understand your individual policy or contact us if you have questions.
FAQ’s
A financial guarantee ensuring a business or individual fulfills contractual obligations. If they fail, the surety company compensates the client. Common in construction, licensing, and court cases.
Typically, 1-15% of the bond amount, depending on credit score, financial history, and the risk involved. For example, a $10,000 bond could cost $100–$1,500 per year.
A bond is a broad financial instrument, while a surety bond specifically guarantees contract fulfillment. Unlike insurance, it protects the client, not the policyholder.