A contractor license bond is a very important type of surety bond that actually serves a purpose with three different parties involved in a contractor project. This contractor’s license bond not only helps you as the contractor but helps others who could be involved and affected by unethical or costly business decisions.
Court Bond – Plaintiff
Plaintiff’s bonds guarantee payment of damages suffered if an action is decided in favor of a defendant.
The “Employee Retirement Income Security Act”. ERISA requires that every fiduciary of an employee benefit plan and every person who handles plan funds be bonded. These bonds cover the plan from loss of assets due to fraud or dishonesty. The ERISA bond is required to protect the participants and beneficiaries from dishonest acts of a fiduciary who handles the plan assets.
Any submissions or payments made via this website do not constitute a binding agreement to your policy or coverages. Changes and payments to policies are not effective or binding until you, or any party involved, receive official notice from either your insurance agent, or your insurance company. If you have any questions, please feel free to contact us.