A surety bond is a contract between three parties. The person who is the recipient of an obligation, the primary party who will perform the contractual obligation and the person who assures the obligation will be done.
These bonds are a type of surety bond. They provide a proof and guarantee of ownership to the Department of Motor Vehicles. When no other form of documentation is available a Lost Title Bond shows the DMV that you are the “owner” of said vehicle.
Contractor bonds are one of the most “popular” bonds you will see asked for in the insurance space. Contract bonds are used in the construction industry by general contractors. They are a guarantee to a project’s owner that the general contractor will adhere to the contract put in place.
These types of bonds function as a guarantee to a government entity that a company will comply with a statute, state law, ordinance, etc.
Some examples are but not limited to:
Our job as an independent agent is to help you navigate a cumbersome system in finding the best fit for your bond requirements.
We can help you find your bond needs, provide you with your bond, and help you get it to the party requesting.
Insurance policies and coverage vary by company and policy form. Always review your policy for specific details. If you have questions or need clarification, consult a professional insurance advisor. The information provided on this website is for general informational purposes only and is not intended to be professional, financial, medical, or legal advice. If you require advice on a specific issue or problem, it is recommended that you seek the guidance of a licensed professional or attorney. This website and its content should not be relied upon as a substitute for such professional advice.
An Excess Liability Insurance Policy, also known as “umbrella” insurance, provides additional coverage beyond the limits of the insured’s underlying policies. It is designed to help protect against potentially catastrophic liability claims that exceed the limits of primary liability coverage. This type of policy is crucial for managing risks that involve large financial consequences beyond typical coverage caps.
Excess liability insurance typically extends the limits of primary policies such as general liability, auto liability, and employers’ liability insurance.
It activates when the limits of the underlying policies are exhausted.
Certain policies might extend coverage to claims that are not included in underlying policies, subject to the insurer’s written consent.
Expected or Intended Injury: Damage or injuries that were expected or intended by the insured are typically excluded.
Contractual Liabilities: Liabilities that arise from contracts where the insured has assumed liability are generally excluded unless such liability would have attached in the absence of the contract.
Employers’ Liability: Claims related to employment practices are not usually covered under standard excess liability policies.
Professional Liabilities: Professional services or errors and omissions are not covered under general excess liability policies and require separate professional liability insurance.
Pollution: Unless specifically added, claims arising from pollution are typically excluded.
Aircraft, Auto, and Watercraft: Claims involving these vehicles are excluded if they are not covered under the underlying insurance.
Underlying Insurance Requirements: Excess policies often require the insured to maintain predetermined limits of underlying insurance. Failure to maintain these limits can result in penalties or reductions in coverage.
Self-Insured Retention (SIR): For areas not covered by underlying policies, the insured may need to pay a designated amount (SIR) before the excess coverage responds.
Defense Costs: Excess policies often include defense costs over and above the limit of liability; however, this varies by the specific terms of the policy.
Settlement and Consent: Typically, the excess insurer has the right to participate in the defense and settlement of claims, but may not have the obligation to do so.
The ISO Commercial Lines Property Policy, often employed nationwide, provides detailed standard coverage for commercial properties. This includes coverage for the buildings, personal property, and the loss of business income due to covered perils.
