Surety

Surety bonds provide a guarantee of performance and principles of various objectives and duties. There are two types of surety bonds: Contract Surety and Commercial Surety.

Contract Bonds are used in the construction industry providing financial and performance assurance that building and other construction projects will be completed on time, within budgets and in accordance with plans, specifications, and contract terms. These bonds also guarantee that certain subcontractors, laborers, and material suppliers will be paid so that the project is completed free of all liens. Contract bonds include various types: bid, performance, payment/supply, subdivision and maintenance.

Commercial Bonds are a classification of bonds that refers to all bonds other than contract bonds. Commercial bonds cover obligations typically required by law guaranteeing adherence with applicable codes, statutes, court orders and regulations. Each bond is unique to the circumstances at hand. Examples of commercial bonds include: notary, probate, license/permit, public official and other miscellaneous bonds.

Contract Surety Experience

Contract surety is a very unique segment of the insurance industry. While there are thousands of licensed insurance agents, very few understand how to handle contract surety effectively.

At Truitt, we know the contract surety business and believe our extensive experience, strong market knowledge, and our commitment to literally go the extra mile when needed make us the clear choice for your business.

From our firm’s beginnings, Truitt has handled contract surety on a daily basis.  We have continued to grow our surety practice and are now recognized as one of the premier bond specialists throughout our operating territory.  We have worked with contractors from those seeking their very first bond in a “fast-track” program to those primarily involved in Alabama’s open-bid work to those working on projects that take them across the country.

We typically work with contractors on jobs under $10,000,000  That being said, we have issued bid bonds for projects with values over $40,000,000 and in 2014 we issued the largest payment & performance bond in our agency’s history on a project that will exceed $30,000,000.

We will assist you in developing bond solutions based upon your company’s specific business needs and requirements.  We provide our own in-house financial statement analysis and underwriting to maximize the effectiveness of your bonding program BEFORE an underwriter ever sees your information. We respect the time constraints our clients operate under with our commitment and willingness to handle every bond transaction in the most timely manner possible.

Examples of Bonds We Have Provided. We Handle Surety Every Single Day.

Payment & Performance Bond $12,191,000 New Middle School in Central Alabama
Payment & Performance Bond $465,985 Widening, Resurfacing & Traffic Stripe County Road
Subcontractor Payment & Performance Bond $245,553 Ambulatory Surgery Center in Kentucky
Subcontractor Payment & Performance Bond $163,660 Student Housing Facility in South Carolina
Payment & Performance Bond $119,630 HVAC Renovation for Elementary School in West Alabama
Supply Bond $17,915,222 Steel Package on Texas Project
Payment & Performance Bond $6,527,600 High School Athletics Package in Central Alabama
Payment & Performance Bond $167,785 Resurfacing & Traffic Stripe County Road in Central Alabama
Payment & Performance Bond $436,762 Formwork for the pits & tunnels in automotive facility in Central Alabama
Payment & Performance Bond $2,739,000 Courthouse Addition & Renovation in North Alabama
Subcontractor Payment & Performance Bond $394,295 Site Work & Pond Drainage in Central Alabama
Payment & Performance Bond $73,292 Roof Replacement on US Government Property located in Georgia
Payment & Performance Bond $9,550,000 New Correctional Facility in Central Alabama
Payment & Performance Bond $399,986 U.S. Naval Center Renovation in Mississippi
Subcontractor Performance & Payment Bond $532,837 Student Housing Facility in Connecticut
Payment & Performance Bond $5,281,290 Retail Facility in Virginia
Subcontractor Payment & Performance Bond $294,164 Hospital Renovation in New Mexico
Payment & Performance Bond $6,611,310 Student Services Facility in South Alabama
Payment & Performance Bond $100,812 Water & Gas Utility Relocation in North Alabama

 

Commercial Surety Experience

Commercial surety is basically anything that is not included under contract surety.  There are thousands of uses for commercial surety bonds and can include both domestic and international needs from the largest multi-national companies to “Main Street” businesses.  Industries needing commercial surety services include coal/mining, banking, healthcare, aviation, manufacturing, public utilities, retailers, service contractors, technology, telecommunications transportation and many others.

Examples of Commercial Bonds

Notary Bonds Public Officials Bonds
Estate Administrators Bonds Customs Bonds
Right of Redemption Bonds Game Warden Bonds
Designated Agents Bonds Motor Vehicle Dealer Bonds
Event License Bonds Polygraph Examiner Bonds
Lost Instruments Bonds Sales Tax Bonds
Various Other Types of Miscellaneous Bonds

 

Please contact us if we can ever be of assistance in helping you secure any type of commercial surety bond you or your client may require.