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Insurance Bonds…. what are they for and what do they do?


Insurance bonds are one of the most misunderstood insurance products. To simplify, there are 2 types of bonds, Surety and Fidelity.

Surety bonds are required (usually by the government) and legally binding contracts that state that if you don’t abide by the terms of the bond and cause claims, you’re required to pay them in full.

Fidelity bonds are a form of business insurance that offers an employer protection against losses caused by its employees fraudulent or dishonest actions. Fidelity bonds are often known as “employee dishonesty bonds”

Contact a bond specialist at Mountain Insurance to assist you in finding the best price on the bond you need.

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Most common Denver Insurance Bond questions question from clients

What are the most common types of Surety Bonds?

Bid & Performance-Payment and License-Permit are the most common type of Surety Bonds. Other types of Surety Bonds are Court & Fiduciary, Notary, Public Official, and Lost Instrument Bonds.

How difficult is it to obtain a payment & performance bond the first time?

Payment & Performance bonds are primarily underwritten based on the client’s financials (credit rating, financial statements, tax returns, etc…). The size of the job is another important factor. It is recommended to initially bid on smaller jobs and eventually step up to bigger jobs once a bond history has been established with the Surety company.

What happens if a claim is made on my Surety Bond?

If a claim is filed against your bond, the surety company expects you to take care of the claim… this is your obligation under the indemnity agreement you signed. Ultimately either the claim will determine to be invalid or valid. If valid, you will be required to resolve the claim by compensating either the claimant or the Surety company.

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