| BONDS |
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| Our bond
department will work with you to find the business solution that best
suits your needs. We maintain an excellent reputation in the
construction industry and will assist our "Contractor"
customers with all their Surety Bond needs. To learn about
establishing your surety business with Hausmann-Johnson Insurance,
contact our Director of Surety, Patrick McKenna, at 608-252-9661.
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There are a variety of bonds available.
We have listed a few of them below with a brief description of
each. The bond itself will specify the actual terms and
conditions.
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| Constructions Bonds (Contract Surety Bonds): A surety bond is a three-party instrument between a surety, the contractor and the project owner. The agreement binds the contractor to comply with the terms and conditions of a contract. If the contractor is unable to successfully perform the contract, the surety assumes the contractor's responsibilities and ensures that the project is completed. |
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Examples: Bid Payment Performance Reclamation Subdivision |
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| License and Permit Bonds: These are required as a condition of receiving a license to engage in a certain business or as a condition of receiving a permit to exercise a certain privilege. The bond guarantees that the Principal will perform his or her obligations under the license or permit. The bonds are designed to protect the general public as well as the Government agency issuing them. They are required from businesses as well as individuals. |
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Examples: Motor Vehicle Dealers Sales Tax Contractors License Bond |
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Fidelity Bonds: This guarantees honesty of employees and covers losses arising from employee dishonesty and indemnity the principal for losses caused by the dishonest actions of its employees. |
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Examples: ERISA Janitorial |
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Fiduciary Bonds: They guarantee faithful and honest performance of duties by administrators, trustees, guardians, executors, and other fiduciaries and are protections for those on whose behalf a fiduciary acts. |
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Examples: Guardianship Personal Representative |
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Indemnity and Miscellaneous Bonds: If the surety suffers a loss while providing a bond to the principal, the principal is obligated to make the surety whole by reimbursing any losses and expenses. An indemnity bond protects against loss, costs, damages or expense for possible errors. |
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Examples: Financial Guarantee Release of Lien Indemnity to Sheriff |
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| Administrative Line: 608-257-3795 or Toll Free: 800-729-4287 |
