Surety & Bonding
Running a business often requires guarantees for contracts and other financial obligations. To help you meet your surety bond needs, we partner with one of the largest providers of surety bonds in the United States, Smith Manus. Smith Manus’ expertise lies in crafting specialized surety solutions for clients all day, every day. With over 40 years of experience, the company serves clients of all sizes from various industries—from small developers to the nation’s largest real estate investment firms to construction firms tackling projects across the globe.
What is a surety bond?
A surety bond ensures that a third party will take responsibility for the debt, default, or failure of another. This is why it is also referred to as a surety insurance bond because it acts much as insurance does. Surety bonds tend to be required by federal, state, and local governments for construction and other projects. It protects taxpayers and other interested parties.
Do I Need A Surety Bond?
Many kinds of organizations or individuals may need surety insurance. Chances are you will be asked for one, but it never hurts to prepare ahead of time so that you are not scrambling last minute. If you work as a contractor or do business with the local state or federal government, there is a high likelihood you will need a surety bond.
Licensing Surety Bonds
If you operate a business that requires licensing, in most states, you’ll need surety insurance. For example, motor vehicle dealer bonds, mortgage bonds, contractor license bonds, collection bonds, and private investigator bonds are just a few samples.
Construction Surety Bonds
If you are a contractor working on a construction project, you may need a surety bond specific to that project. Relevant types of surety bonds include payment bonds, bid bonds, and performance bonds.
Court Surety Bonds
If you are involved in a court proceeding, the court may require that you obtain surety insurance in the form of a court bond, such as cost bonds, indemnity to sheriff bonds, and replevin bonds.
Fidelity bonds are surety bonds in which you, as the business owner, decide whether or not to obtain one because you are the one protected, not a third party. This type of surety bond is intended to protect you and your business from employee theft, fraud, and embezzlement not covered by other insurance. You can get fidelity surety bonds that cover all your employees or just some types. For example, you may want a surety on those who handle finance or other high-value items.
Overview of Types of Surety Bonds
- General and specialty contractors
- License ad permit
- Lost instrument
- Public official
- Waste (landfills, waste haulers, transfer stations)
- Oil and gas
- Commercial and residential development
- Environmental contractors
Why Odell Studner for Surety Bonding?
Our partnership with Smith Manus gives us the resources needed to provide this much-needed protection to our valued clients. Smith Manus shares our commitment to serving the needs of companies of all sizes and industries.