If you perform construction or work as a GC, you may need a surety bond to acquire a license or perform contracting work.

 

A surety bond is used when one party is required to guarantee the performance of another. Depending on the contract or where you perform work, you may need to be bonded at a higher dollar capacity.

 

Not all surety bond consultants are the same. Keystone is appointed with over 20 sureties and can help with non-standard or collateralized construction clients.

Frequently Asked Questions

Download this helpful guide to learn more about our services and your obligations when procuring a surety bond.

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Why is a surety bond necessary?

A contract bond is a type of surety that ensures the completion of a construction project for the owner within the terms of the contract, so that a client will not be left out of pocket if the contractor fails to deliver the finished product as promised.

How do surety bonds work?

Surety bonds are technically different from insurance. An insurance policy is a two-party contract (insurance company/insured), while a surety bond is a three-party contract (principal, obligee, and surety company). The surety company reviews a bond request similarly to a bank when considering a loan.

Obligee: The party requiring the bond.

Principal:  The party required to provide the bond.

Surety Company: Financially guarantees the performance and/or obligation of the bond. The principal then guarantees repayment to the surety company for any payout obligations made to the obligee through an indemnity agreement.

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“This is part of the power of Keystone. I was able to secure bonds that I would never get on my own. I’m not a surety expert, but they make me look like a hero to my clients.”

Ison Insurance, KY
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“This account all got going because of Bonds. We crushed the lottery bonds they needed, and now they’re basically giving us everything!”

Bernard Williams & Company, GA
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“The bonds team did the work, and I got paid. That’s what they do – support us so we can go sell the things we like to!”

Family Insurance Center, WI
What types of bonds do you write?

  Manufacturing

  • Court
  • Customs
  • Excise/Federal Tax
  • Alcohol Storage/Transport
  • Supply

   Trucking

  • Common Carrier
  • Customs
  • Freight Forwarders Cargo
  • Fuel/Mileage Tax
  • Oversize/Overweight
  • Transport of Alcohol

  Healthcare

  • Medical Equipment Providers
  • Home Health Care
  • Medicaid
  • Resident Trust

   Agricultural

  • Auctioneers
  • Commission Merchants
  • Livestock
  • Milk Dealers
  • Produce
  • Warehouses

  Amusement

  • Admission Tax
  • Amusement Permits
  • Amusement Tax
  • Athletic Contests
  • Bingo

   Retailers

  • Vending
  • Beer Sales/Liquor
  • Hunting/Fishing Licenses
  • Lottery
  • Pawn Brokers
  • Photographers

  Energy

  • Well Heads
  • Mineral/Oil Leases
  • Oil/Gas Well Plugging
  • Reclamation
  • Permit Tax
  • Oil Burner Installers

   Vehicle Sales/Service

  • Boat Dealers
  • Farm Equipment
  • Finance Companies
  • Notary/Tag & Title
  • Mobile Home Dealers
  • New/Used Auto Dealers

Surety Bonds Request for Proposal

Interested in learning more about our bonds offerings or need a quote? Contact us using this form.

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