At Pinnacle Security, we provide a surety bond service that is entirely focused on surety bonds, unlike other multi-line agencies. We are entirely committed to building a long term, successful relationship with both clients and surety companies. As the 2018 Surety Agent of the Year, we hope that we give prospective and existing clients confidence to choose us as their surety insurance company. We are well-respected in the industry and our award is indicative of our level of excellence that we succeed in providing.
Call: (844) 612-7238
With Pinnacle Surety, you can rest assured that we can over all of your surety bond service needs. Learning a little about us and what we can do for you can really help you to feel secure that with us, you’ll get your needs covered.
What Is A Surety Bond?
Firstly, it’s important to understand that you don’t need a surety bond unless it’s been requested. Secondly, surety bonds work more like credit than they do insurance. Commercial surety bonds are easier to get as they only require a signed application and a financial statement, where contract surety bonds are those that are usually found with large construction projects.
A contract between three parties, the Obligee is considered the “beneficiary” to the bond, the Principal is the individual or entity that is required to perform a particular contract or obligation and the Surety is the individual who undertakes an obligation to pay a sum of money or perform a duty or promise on behalf of another individual or entity in the event that person fails to act or defaults on their duty or contractual obligation. Currently, there are thousands of different surety bond requirements and the general classifications are as follows:
- Contact Bonds
- Performance Bonds
- Payment Bonds
- Subdivision Bonds
- License Bonds
- Permit Bonds
- Miscellaneous Bonds
- Court Bonds
- Contractor License Bonds
At Pinnacle Surety, we know everything that there is to know about surety bonds and it’s part of our job to make them as easy as possible for you to understand. Let’s explore a little about each bond type that Pinnacle handles:
Our court bonds have one main purpose: to offer protection against a loss of money during a court case. Court bonds have many different types under them, but Pinnacle Surety primarily deals with appeal bonds. This is the bond that appellants use when they want to delay the outcome of a judgment. This isn’t the only type of court bond that we deal with at Pinnacle Surety. We also handle attachment bonds, court cost bonds, injunction bonds and many more. Our surety bond service handles these bonds for you, so if you have any questions please give us a call today.
Often referred to as Performance Bonds, completion bonds or sit improvement bonds, subdivision bonds are all to do with the world of real estate and the required improvements within it. These are the bonds that ensure that land improvements are not the financial burden of the public entity. The whole responsibility instead rests on the shoulder of the new property owner. These are also specifically used within the construction industry, and they can be calle developer bonds or maintenance bonds, too.
These are the bonds that offer protection for a governing agency and general public against anything wrong that the bonded company does. There are different license bonds or permit bonds out there and they ensure that the principal to the bond acts according to the law and regulations surrounding the activities in which they are caught up. Fraud, theft and other adverse actions can be prevented with these bonds, and Pinnacle Surety are happy to help all organizations that require help with these bonds.
At Pinnacle Surety, we have made our name as the leading contract bond provider out there. This is the bond that ensures that the terms of a contract are fulfilled. A claim can be made against the bond to regain future financial losses if the terms are not fulfilled correctly. There are three types of contract bond that we deal with, include;
- These ensure that the bidders of projects will enter into the contract if they win the bid and are awarded the job.
- These are common in the construction industry and their main focus is that the contract is carried out within the terms and conditions. This is also the bond that ensures a project is completed within a certain period at a set fee.
- Bonds such as these are those that ensure that the project owners don’t have to pay any subcontractors or spend out for additional materials. This bond also ensures that the contractor agrees that they will pay all the extra costs.
Most of the time, these three contract bonds are all used together. To get one of these bonds, you need to use Surety agents or brokers, which are also known as producers. At Pinnacle Surety, we know that it can get confusing to ensure that you have the right bonds in place, but that’s why we take the difficulty out of the equation, simplifying your processes and helping you to get it right.
Surety bonds play a huge role in protecting project owners and contractors and qualifying subcontractors. They help your construction project to complete on time, but they’re not appropriate for every single project.
At Pinnacle Surety, we aim to handle every angle of your surety bonds from start to finish. Our surety bond service is broken down and we will explain exactly how we can help you in terms that are far easier for you to get. It’s one of the reasons we were named 2018 Surety Agency of the Year; our clients needs are our priority and we take you seriously. While we could take the easy way out, doing our job quickly without explaining it to you, it’s preferable to us that you have total clarity on everything that we do.
Still need some help? Give us a call today on (844) 612-7238 for more information.