Bonds

A surety bond can be defined in its simplest form as a written agreement to guarantee compliance, payment, or performance of an act. Surety is a unique type of insurance because it involves a three-party agreement. The three parties in a surety agreement are:

 Principal –the party that purchases the bond and undertakes an obligation to perform an act as promised.

Surety – the insurance company or surety company that guarantees the obligation will be performed. If the principal fails to perform the act as promised, the surety is contractually liable for losses sustained.

Obligee - the party who requires, and often receives the benefit of— the surety bond. Foremost surety bonds, the obligee is a local, state or government organization.

Types of Bonds

  • Surety Bond
  • Performance Bond
  • Bid Bond
  • Warranty / Guarantee Bond

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Industrial Inspection (International), Inc.  want   to commend   IUBI   Insurance
Intermediary Corporation for its exceptional service of our insurance needs for the past three decades.  our insurance always there to serve our insurance needs for motor vehicle, fire, group accident, surety bond, performance bond etc.

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