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What is a surety bond?

surety bond is a contract among at least three parties:

  • The obligee – the party who is the recipient of an obligation (The party requesting that you get the bond),
  • The principal – the primary party who will be performing the contractual obligation (you),
  • The surety – who assures the obligee that the principal can perform the task (the insurance company).

Why would you need a bond?

A bond is usually required by a government entity to obtain a license or may be required by a written contract with a vendor or customer.   Why do they want a bond?  Well, they are requesting the bond because they want a financial guarantee, that you will complete the work  required by the contract, or that you will be financially responsible and not steal the money or fail to remit tax money, you collected, that is due to the state.   Sometimes, a bond requirement is used to make sure that the person or company that they are working with is trustworthy and operates their business with integrity and financially responsible.  The bonding company evaluates the business based on financials, experience and previous claims or judgments, those who don’t fair positively are less likely to get a bond approved or if they do it will be costly or require full collateral.

How is a bond different from insurance?

Bonds differ from insurance because the bonding company does not expect to pay claims. If the bonding company does pay a claim they in turn go to the principal (you) to indemnify or reimburse them for the amount they had to pay.

Suppose you get the opportunity to bid a large construction job to find out during the bidding process that they need a bid bond and then a performance bond if you are granted the contract.  You don’t know what to do, what to expect or even who to call.   .At Huff insurance we can handle all of your bonding needs from contract, surety, fidelity, nominal, motor vehicle dealer, and license permit bonds.

Huff Insurance is your spot for contract bonds including Bid or Proposal Bonds, Performance Bods, Payment/Labor & Materials Bonds, Subcontract Payment and Performance Bonds, Maintenance bonds, supply bonds.   We can also handle annually renewable payment and Performance bonds up to 5 years.  Huff Insurance specializes in bonds up to $350,000 a single job with an aggregate bond amount of $700,000.  New in business, we can still get you approved for a $100,000 single job bond provided your credit qualifies. For larger contract and surety bonds the turnaround time can be more than a few days.  We suggest that before you need a bond to get pre-approved by the bonding company by answering just 7 questions, we don’t even need financials to get your pre-approval.   We can help you get pre-approved by the bonding company so that when you do need a contract or surety bond you can get it quickly.  Call or fill out the quote form so we can get you pre-approved.

We can also handle your needs for Anne Arundel County grading bonds, landscape bonds and performance bonds.  Various licenses in Maryland and Delaware need bonds.  Every county in Delaware that you are working in will require their own bond.  We can handle it, usually the same day.

We specialize in writing estate bonds and guardianship bonds as well as nominal and probate bonds.  Are you the executor of an estate, if so the county may require you to file a bond.  Huff Insurance is here to help with same day issuance of these bonds.  We can do simple nominal bonds to more sophisticated Bonds of Personal Representative.  Give us a call we will make this a simple process.

Many licenses will require you to be bonded such as Auctioneers, Automobile Dealers, and Home Improvement Contractors.  We offer Maryland Home Improvement bonds and various license/permit bonds for Maryland and surrounding areas.  Maryland Home Improvement bonds are not always easy to obtain but Huff Insurance has 3 carriers to assist you.  Maryland Home Improvement will require a $20,000 Maryland Home Improvement bond.

fidelity bond is a form of insurance protection that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.  We offer janitorial services, employee dishonesty and business services bond for all of your fidelity bonding needs. Who needs a fidelity bond?

  • Appliance Repair
  • Caters
  • Child Care Providers
  • Healthcare Professionals
  • Janitorial Services 
  • Locksmiths
  • Painting Contractors
  • Pet Sitting Services
  • Security Guards
  • Alarm Installers
  • Carpet Cleaners
  • General Repair
  • Interior Decorating
  • Lawn Service
  • Moving Company
  • Pest Control
  • Plumbing Contractors
  • Window/Gutter Cleaners

These types of bonds can be as low as $100.00 a year.

Depending on the type of bond you need, the turnaround time can vary.  For larger contract and surety bonds the turnaround time can be more than a few days.  We suggest that before you need a bond to get pre-approved by the bonding company by providing them with your work on hand, resumes, and financial.  We can help you get pre-approved by the bonding company so that when you do need a contract or surety bond you can get it quickly.  Call or fill out the quote form so we can get you pre-approved.

Huff Insurance

Customers of Huff Insurance can expect excellent service.  Learn more about your options for bonds by filling out our Bond Insurance Quote Form right away. Get a free quote from one of our experienced agents and don’t go another minute missing out on another opportunity because you don’t have the bond that you need.

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