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How do surety bonds work?

To put it simply, they guarantee that specific tasks are fulfilled. This is achieved by bringing three parties together in a mutual, legally binding contract.

·         The principal is the individual or business that purchases the bond to guarantee future work performance.

·         The obligee is the entity that requires the bond. Obligees are typically government agencies working to regulate industries and reduce the likelihood of financial loss.

·         The surety is the insurance company that backs the bond. The surety provides a line of credit in case the principal fails to fulfill the task.

The obligee can make a claim to recover losses if the principal does fail to fulfill the task. If the claim is valid, the insurance company will pay reparation that cannot exceed the bond amount. The underwriters will then expect the principal to reimburse them for any claims paid.

Why do I need surety insurance?

People often wonder what surety bonds are after they’ve been told they need to buy one.

·         Most people need license and permit bonds before they can get their business licenses.

·         Construction professionals often need contract bonds before they can work on publicly funded projects.

·         Some business owners choose to buy business service bonds to protect clients against employee theft.


·         Definition: sur•e•ty bond

·         A surety bond is a contractual agreement between a project owner or business guaranteeing that the project will be completed or business regulations will be followed.

  • indemnitor
    • An indemnity is a sum paid by A to B by way of compensation for a particular loss suffered by B. The indemnitor may or may not be responsible for the loss suffered by the indemnitee. Forms of indemnity include cash payments, repairs, replacement, and reinstatement.

indemnify; 3rd person present: indemnifies; past tense: indemnified; past participle: indemnified; gerund or present participle: indemnifying

    • compensate (someone) for harm or loss.

"the amount of insurance that may be carried to indemnify the owner in the event of a loss"

      • secure (someone) against legal responsibility for their actions.

"the newspaper could not be forced to indemnify the city for personal-injury liability"

How can I apply and purchase?

Simply visit our site at: 

Contact us and see how we can save you money today!
Baldwin Insurance Agency
200 N. Jefferson Suite A
Kearney, Mo 64060
Phone (816) 628-0092
Fax (816) 635-9097

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