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139 SOUTH 3RD STREET, STE. A, COSHOCTON, OH 43812

Contract Surety Bonds

Contract surety bonds provide financial security and construction assurance on building and construction projects. They guarantee to the project owner (obligee) that the contractor (principal) is qualified to perform the work and will pay certain subcontractors, laborers, and material suppliers. If the contractor defaults, the surety guarantees that the obligations will be met.

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(740) 295-9460

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Contract Surety Bonds Include:

gavel - bid bond

Bid Bonds

Financial assurance that the bid has been submitted in good faith, and that the contractor intends to enter into the contract at the price bid and provide the required performance and payment bonds.

performance bond

Performance Bonds

Protect the owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions.

payment bond

Payment Bonds

Guarantee that the contractor will pay certain subcontractors, laborers and material suppliers associated with the project.

maintenance bond

Maintenance Bonds

Guarantee against defective workmanship or materials for a specified period.

subdivision bond

Subdivision Bonds

Guarantee to a city, county or state that the principal will finance and construct certain improvements such as streets, sidewalks, curbs, gutters, sewers and drainage systems.

Common Sense Underwriting

Ianniello Agency has a deep understanding of underwriting considerations and one thing is clear: no two accounts are alike. We review each case on its own merits and do not use inflexible formulas. We look at the whole picture:

    • Corporate Net Worth
    • Pay Record
    • Personal Net Worth - Character Counts
    • Bank Relationships
    • References

We look beyond the financials and embrace the value of business and personal integrity!

contract surety bonds

Frequently asked questions:

What is a Surety Bond?

A surety bond is an agreement in which the surety company guarantees the principal will fulfill a commitment made to the obligee.

What is a Contract Bond?

A contract bond usually consists of a performance and payment bond. The performance bond guarantees the principal will complete the job to the specifications made in the contract between the principal and obligee. The payment bond holds the principal responsible for paying certain subcontractors, laborers, and suppliers associated with the job.

What is a Bid Bond?

A bid bond is a financial assurance that a bid has been submitted in good faith and the contractor will enter into a written contract.

What is a Commercial Bond?

Commercial surety bonds are also sometimes called Noncontract Surety Bonds. These bonds are an agreement between a principal and an obligee that a certain obligation will be performed. The agreement usually states the principal (also known as the licensee) will conform to the ordinances or laws relating to the business they are engaged in. Commercial Surety bonds are comprised of License Permit, Notary, Financial Guarantee, Public Official, Probate, and Court Bonds.
 
Our Underwriting Philosophy
  • Net worth underwriters
  • Clean, personal credit reports. Some Commercial Surety bonds are written solely based on a clean credit report.
  • Every case is underwritten on its own merit.

What is a Court Bond?

Court Bonds are a product of a court-ordered action.
Our Underwriting Philosophy
  • Properly completed commercial bond application
  • Copy of Court papers
  • Financial statement
  • Clean credit reports
  • Some of the court bonds will require cash collateral
We write court coverage on:
    • Cost Appeal/Supersedeas
    • Attachment
    • Replevin
    • Sheriff Indemnity
    • Lien
    • Release of Lien
    • Receiver
    • Injunction

What is a Probate Bond?

Probate Bonds are required by a court to ensure the proper handling of an individual's finances or estate.
Our Underwriting Philosophy
  • Properly completed commercial bond application
  • Copy of Court papers relating to the case
  • Clean personal credit reports
  • Financial information
We write probate coverage on:
  • Guardianships/
  • Conservatorships of Incapacitated Person
  • Guardianships/Conservatorships of Minors (joint control usually required)
  • Trustees
  • Referees
  • Administrators
  • Executors
  • Receiver

How Do I Submit a Claim?

To submit a claim, please do so in writing and, if possible, refer to the bond number and name of the bonded principal. The claim should include copies of all relevant documents, such as invoices, to support the claim.

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ADDRESS

139 South 3rd Street Ste A
Coshocton, OH 43812

PHONE

Office: (740) 295-9460
Fax: (740) 295-9462

HOURS

Monday-Friday 8:30 AM - 5:00 PM
After hours by Appointment