Contract bonds help protect a project owner from financial loss if the bonded contractor fails to fulfill the terms and conditions of a contract agreement. Erie Insurance offers several contract surety bonds:
The approval process requires the prequalification of the contractor. ERIE also offers a quick bond approval program for those contractors in need of a bond under $500,000.
A license or permit bond helps ensure that a business complies with appropriate license and permit regulations as required by state law, municipal ordinance or by some other regulation and in some instances by the federal government or its agencies. The available bonds are:
The public official bonds are required by states, counties, municipalities or another political subdivision other than the federal government. They are designed to guarantee the public that the newly elected or appointed official faithfully will perform the duties of that office. The bonds offered are:
ERIE offers both judicial and fiduciary bonds. Judicial bonds may be required by either the defendant or the plaintiff in connection with litigation. The bonds that are available through ERIE include:
A fiduciary bond guarantees that a person appointed by the courts to handle affairs of another will be faithful in his/her duties. The available bonds are:
The bonds that fall into the miscellaneous category generally have characteristics of guaranteeing the payment of monies. They include:
Erie Insurance holds some of the highest honors for financial stability and service year after year. For instance, A.M. Best, a global credit rating agency with a unique focus on the insurance industry, rates ERIE A+ for financial strength. Erie Insurance Company is also Treasury Listed by the U.S. Government. Protection from our reinsurers also enhances our financial strength.
To get personalized advice on what you may need to help protect your business, contact a local ERIE agent. As small business owners, our agents know how important it is to have the right protection.