In today's world, businesses need to establish trust and credibility to gain the confidence of clients and partners. One of the ways to establish this trust is through surety and bonding. Surety/bonding is a contract between three parties: the principal (business owner), the obligee (the project owner), and the surety (insurance company). The surety guarantees the principal's performance to the obligee, providing financial protection and peace of mind for all parties involved. At RMA Insurance, we provide comprehensive bonding coverage to businesses across various industries.
Surety bonds covers a wide range of areas, including but not limited to:
Bid bonds are essential for contractors to secure contracts. These bonds provide financial protection to the obligee in case the contractor fails to meet the contractual obligations.
Performance bonds ensure that contractors complete the project as per the agreed-upon terms and specifications. In case of non-compliance, the obligee can make a claim against the bond for damages.
Payment bonds are designed to protect suppliers and subcontractors in case of non-payment by the principal. These bonds provide financial protection to ensure that all parties are paid for their services.
License and permit bonds are required by law for certain businesses to operate legally. These bonds provide financial protection to the government and consumers in case of non-compliance.
RMA Insurance is a top choice for businesses seeking surety bonding services due to our comprehensive understanding of the industry and commitment to providing tailored solutions to meet each client's specific needs. With 15 years in the industry, we understand the unique needs of businesses in various industries. We offer customized solutions to meet your specific surety bonding requirements. Get a quote to experience our services yourself!