Surety bonds are the lifeblood of many firms. At Hausmann-Johnson, our bond professionals use their expertise and relationships to benefit our clients over their competitors. We consult with you to maximize your bond program; streamline the authority process; negotiate better terms on your behalf; expand your program, when the need arises; and keep the relationships with your bond company working smoothly.
There are many types of bonds, and we have access to the bond companies that can best meet your needs. Some of the more typical types of bonds are:
• Bid Bonds
A financial assurance which guarantee’s that the bid has been provided in good faith and the contractor will enter into a construction contract. Owners frequently use these bonds to prequalify the bidders. Once the contract has been awarded, the bid bond is null and void.
• Performance & Payment Bonds
A guarantee and financial backing that the contractor will execute the terms of the contract and pay their subcontractors, suppliers and laborers.
Commercial Surety Bonds: Other than Contract Bonds, these bonds typically follow statute, ordinance, law, regulation or faithful performance.
• License and Permit Bonds
These bonds may be required by certain Cities, Counties, Townships, States or Political Subdivisions to obtain a license or permit.
• Fidelity Bonds
Bonds to protect against dishonest acts. Typically, these bonds protect against theft by employee:
•Blanket Bonds – Bonds which protect the entity against dishonest acts of all employees.
•ERISA Bonds – Required of each pension and profit sharing plan. To protect the plan from theft by the plans administrators.
•Business Services Bond – This bond provides protection against financial liability for loss of a customer’s money, securities, and personal property caused by dishonest acts of the employees of the insured while on the customer’s premises upon conviction.
•Public Employee Bonds – Bonds which protect the against dishonest acts of all employees
•Public Official Bond – Protects against dishonest and lack of faithful performance of a public official. These bonds are required by statute or Ordinance.
•Bankers Blanket Bonds
• Court Bonds
Bonds required by judicial or probate courts Compliance of a court order in a judicial proceeding such as an injunction, appeal, lien, attachment, replevin and indemnity to sheriff; or faithful performance for someone in a fiduciary capacity such as an administrator, executor, guardian or trustee; receiver or liquidator.
• Defendants Court Bonds – More hazardous and many times require collateral.
• Notary Bonds: Required by statute to protect against losses resulting from improper actions of a notary public.
Associated General Contractors
AGC of Wisconsin
Construction Financial Management Association
CFMA of Madison
Department of the Treasury
American Subcontractors Association
Surety & Fidelity Association of America
Surety Information Office
Wisconsin Concrete Pavement Association