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Commercial Bonds in Idaho and Oregon

A Surety Bond is a basic term that describes a bond. Surety bonds are underwritten differently than insurance even though they are sometimes mistaken for insurance, when in fact surety bonds are different.

A Surety Bond is essentially a guarantee. What exactly the bond guarantees depends on what language is written in the bond. With surety bonds there are always 3 parties involved.

The 3 parties involved are:

  • The Principal – the primary business entity who will be performing a  contractual obligation.
  • The Oblige – the party who is the recipient of the obligation.
  • The Surety – who ensures, guarantees the principal’s obligations will be performed. Sureties are similar to insurance companies.

This agreement says that the Surety agrees to uphold – for the benefit of the oblige – the contractual obligations made by the principal, if the principal shall fail to uphold their agreement with the oblige.  Often consumers require a bond before they will agree to enter a contract with a contractor.

The 2 main categories of Surety Bonds:

  • Contract Surety Bond
  • Commercial Surety Bond

An Idaho and Oregon Contract Surety Bond guarantees a specific contract. An Idaho and Oregon Commercial Surety Bond guarantees the terms of the Bond form instead of a contract.

If you would like more information about bonds, please call a licensed professional at The Insurance Group, Inc. at (800) 268-0924.

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Locations

Weiser

404 E 7th Street
Weiser, ID 83672
(208) 549-0924

Fruitland: 

211 N. Whitley Dr #1
Fruitland, ID 83619
(208) 452-3543

Emmett:

444 Highway 16, Ste 102
Emmett, ID 83617
(208) 365-0115

Cascade:

214 S Main Street
Cascade, ID 83611
(208) 382-4265

Ontario:

36 S Oregon Street
Ontario, OR 97914
(541) 889-8219

 

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Emmett Insurance Agency

Emmett

444 Highway 16, Ste 102
Emmett, ID 83617
(208) 365-0115

Fruitland Office

Fruitland

211 N. Whitley Dr #1
Fruitland, ID 83619
(208) 452-3543

Ontario

Ontario

36 S Oregon Street
Ontario, OR 97914
(541) 889-8219

Weiser

Weiser

404 E 7th Street
Weiser, ID 83672
(208) 549-0924

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