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702 NE 3rd AveDelray Beach, FL 33444
Work HoursMon – Fri: 8:30am–5pm

Bond

Do you own a business? Work with us to be sure that every aspects of your company has appropriate and adequate coverage.

We work with business owners to determine exactly what types of coverage they need and how much coverage they realistically need.

From Business Auto Insurance, general liability policies, Bonds policies to workers compensation, the agents at Apex Insurance Agency will secure the necessary coverage for your Florida business.

Want to learn more about possible business insurance? Complete one of the quote forms below or simply give us a call at 561-272-9683

What is a Surety Bond?

A surety bond ensures contract completion in the event of contractor default. A project owner (called an obligee) seeks a contractor (called a principal) to fulfill a contract. The contractor obtains a surety bond from a surety company. If the contractor defaults, the surety company is obligated to find another contractor to complete the contract or compensate the project owner for the financial loss incurred.

There are four types of surety bonds:

  1. Bid Bond: Ensures the bidder on a contract will enter into the contract and furnish the required payment and performance bonds if awarded the contract.
  2. Payment Bond: Ensures suppliers and subcontractors are paid for work performed under the contract.
  3. Performance Bond: Ensures the contract will be completed in accordance with the terms and conditions of the contract.
  4. Ancillary Bond: Ensures requirements integral to the contract, but not directly performance related, are performed.

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