All about Bond Insurance
BY IRM Insurance Knoxville Tennessee
What is Surety / Bond Insurance? Why do I need Surety/ bond insurance? Is their cheap Bond /Surety Insurance? What does Bond Insurance (surety) Cover? What companies write Bond Insurance? Where do I get bond insurance in Tennessee? Who sales Bond Insurance in Tennessee? When can I get bond insurance Issued? IS bond Insurance and surety insurance the same thing? What if my surety/bond insurance cancels? How do I get bonded?
Bond Insurance or Surety Insurance is a”financial guaranty insurance. Bond Insurance or surety insurance is where an insurance company will guarantee a payment of various interest and principal on bond or another security. The guarantee in security is in an event if a payment is defaulted by the issuer of the bond.
There are many different types of bond insurance (surety insurance) provided by IRM Knoxville. Many different business services would use a bond such as
- Contractors (plumbing, electrical, residential, driveway, drywall, hvac, air conditioners, painters, lawn service, tile installation
- Janitorial services
- Pest control services
- Maid service
- Pool cleaning
- Security guard
- Carpet cleaning
- Window gutter cleaning
- Moving companies
Along with many other classes of business- a business would use a variety of bond insurance in Tennessee. A few of the types of bonds that IRM Knoxville Tennessee offers are
- Court and judicial bond- this is a bond that guarantees awards or compliance with court rulings. This includes appeals, attachment, cost, receiver, and injunction and replevin bonds.
- License and permit bonds- this is a bond that guarantees business compliance with laws and regulations such as an auctioneer, contractor’s license, highway permit, insurance broker, motor vehicle dealer, mortgage broker, liquor bond and detective bond. Any businesses licensed by Tennessee or a county in Tennessee and city government to operate may need a license and permit bond.
- Probate bond and fiduciary bond- this type of bond guarantees faithful performance so the interest of those concerned will be safeguarded. An administrator, conservator, executor, guardian and trustee bond are available.
- Fidelity bond-ERISA bond this is a bond that any business may need. It protects the employer against a dishonest act by an employee paying for loss of money or other property, real or personal.
- Notary E & O- this bond provides protection for a notary for any negligent act or error/omission arising out of performance for service for others. Any business that employs notaries would need notary e & O
- Public official bond- this is a type of bond that guarantees official will faithfully perform all duties and outlined honesty. Such as clerks, notary publics, treasurers, tax collectors, deputies and sheriffs would need public official bond insurance. IRM Insurance provides these bonds
- Contract bonds- this bond is also called bid bond, performance bond payment bond. These bonds guarantee to the owner/oblige that the bonded principal will perform according to the terms of a contract. There are many types of contract bonds. Janitorial service supply contracts, and bonds covering maintenance after the completion of the job.
- Supply & service contractors bonds-supply contractors provide supplies or materials such as chemicals, lumber, salt for roads. This bond guarantee the service is going to be performed
At IRM Insurance Knoxville we understand that each business has specific bonding needs unique to the class of work they perform, their location and the market conditions. We have the companies that can write these bonds and have the expertise and capacity to write any type of bond in Tennessee. Through our district and dedicated team at IRM Insurance, we can find the best bond to help your business succeed. Get your free quote now!
Form the first bond to a a large capacity bond, we are ready to adapt and grow as your business grows. Our streamlined processes, responsive service and consistent team are designed to provide stable bond/surety capacity. IRM Insurance Knoxville Tennessee differentiate ourselves from other bond agents by providing local service and quick turnaround. We have the best agency team in place to meet your needs at IRM Insurance Knoxville for Bond Insurance. Call us today at 865-579-0500 , visit our website – click here or visit one of our locations- 11470 Parkside drive, suite 300, Knoxville, TN 37934 or 1713 commons point drive, bld. 5, suite 201, Knoxville TN 37932 Also, we are endorsed local providers recommended by Dave Ramsey. Find us here