Bonds

Our Contract Bond portfolio consists of all types of bonds, including: Contract Bonds; License & Permits Bonds; Court and Judicial Bonds; Wage and Welfare Bonds, Probate & Fiduciary Bonds, Fidelity, Forgery and Crime and all types miscellaneous bonds.

You may obtain the pricing of certain regularly issued contractor bonds for the counties listed below. Simply click on the County in which you will need the bond and scroll to the Municipality to view the cost for each bond type. We would like to expand our list to include all bond types so please let us know how we can make our site more user friendly.

Cuyahoga County Bond Costs for 2012

Geauga County Bond Costs for 2012

Lake County Bond Costs for 2012

Portage County Bond Costs for 2012

Summit County Bond Costs for 2012

License and Permit Bonds can be applied for on-line by providing the following information

Your Name
Phone Number
Email Address
Your Exact Company Name
Registered As (Work Type)
Date Bond Needed
How do you want to receive the bond
City for which you need the bond
Do we already have your payment info?  Yes No

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Enter the characters above into the field below

Note: Entire form must be completed to obtain a bond, if we already have your payment information we will automatically complete the transaction. If not, we will contact you by phone to gather payment information. With purchase of a bond comes a Certification of Insurance in compliance with the city of your request.

Other Bond Types

A contract bond is a three-party agreement, whereby the Surety (insurance company) guarantees the Obligee (recipient of the service) that the Principal (contractor) will perform in accordance with the terms of the contract, and will pay their subcontractors and suppliers.

Since surety is a credit relationship, applying for a bond is similar to applying for a bank loan. Sufficient time is required to carefully evaluate all aspects of your submission. The more information you can provide us with for your submission, the sooner a decision can be made.

While the smaller contract bonds, typically under $200,000, are often written on the basis of the financial strength of the owners and officers, other bond types and larger contract bonds are financially underwritten. The following information may be needed in order to qualify for a bond.

Resume of Experience and Contractor Questionnaire
The resume of experience is required for all owners, head estimators and foreman.

Business Financial Statements
Required are fiscal year-end financial statements for the last three years, completed by an independent CPA.

Personal Financial Statements
All owners and major stockholders must submit a personal financial statement.

Accounts Receivable
Aging of accounts receivable, concurrent with the most recent fiscal year-end business statement

General Agreement of Indemnity
All owners of the company (sole proprietors, partners, or corporate stockholders) and their spouses must sign as Indemnitor. If the company is a corporation, the President must sign on behalf of the corporation, with the Secretary attesting to the signature. All signatures must be notarized.

Work-On-Hand Schedule
A schedule of all work on hand and percentage of completion is required for all jobs, bonded and unbonded.

Bank Information
Evidence of borrowing capability and/or lines of credit is required from your bank.

References
Letters of reference will be required from your suppliers and previous jobs, if available.

Additional information may be required after initial review.


Listed above are simple definitions and overviews. For actual coverage, please consult your policy coverage manual.