D Bonds
Insurance Bonds Information
A bond differs from a standard insurance product where the principal is typically required to pay back the amount of the bond, if used. It is important to note that most types of bonds are issued based on the principal's credit. Below is a list and explanation of some of the bonds that we offer to Myrtle Beach and South Carolina.
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**YOU CAN VIEW AVAILABLE BONDS AND DIRECTLY APPLY FOR COVERAGE VIA ONE OF OUR PARTNERS HERE -> https://thinkdavisinsurance.propeller.insure/axelerator-public/ **
| Types of Bonds |
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Contract Bonds
Bid Bond
Performance/Payment Bond
Supply Bond
Maintenance Bond
Fidelity Bonds
Janitorial Services Bond
Dishonesty Bond
Pension Trust (ERISA) Bond
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Commercial Bonds
Probate/Fiduciary Bond
License or Permit Bond
Public Official Bond
Notary Public Bond
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Contract Bonds are a type of Surety Bond that is basically a promise to pay one party (the obligee) a certain amount if the second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract.
Bid Bond
A Bid Bond ensures that on acceptance of a bid by the customer the contractor will proceed with the contract and will replace the bid bond with a performance bond.
Performance/Payment Bond
A Performance Bond ensures payment of a sum (not exceeding a stated maximum) of money in case the contractor fails in the full performance of the contract.
Supply Bond
The bond guarantees that the items specified in the contract are going to be supplied to the job site or to a company.
Maintenance Bond
A Maintenance Bond protects the owner of a completed construction project for a specified time period against defects and faults in materials, workmanship and design that could arise later if the project was done incorrectly.
Fidelity Bonds cover policyholders for losses that they incur as a result of fraudulent acts by specified individuals, such as dishonest acts by its employees.
Janitorial Services Bond
A Janitorial Service Bond is designed to protect your customers from losses incurred by dishonest acts of your employees.
Dishonesty Bond
A Dishonesty Bond protects a business or employer from a dishonest act done by an employee.
Pension Trust (ERISA) Bond
The Employee Retirement Income Security Act (ERISA) was enacted in 1974 to regulate most types of employee benefit plans. This act requires that a fidelity bond be in place to cover the fiduciary (person or persons responsible for managing the plan or handling funds of the plan). These bonds are designed to protect the plans from dishonest or fraudulent acts committed by the fiduciaries.
Commercial Bonds
Fiduciary (Probate) Bond
Probate Bonds basically guarantee honest accounting and faithful performance of duties by the fiduciary. A fiduciary can be a trustee, administrator, guardian, executor, or other person appointed to carry out probate duties.
License or Permit Bond
License or Permit Bonds are required by local, state, or federal governments in order to receive a license or permit to engage in certain business activities. For example; cities or municipalities often require general contractors, electricians, and plumbers to carry a bond to assure they will comply with local laws or ordinances in their field of work.
Public Official Bond
Public Official Bonds guarantee that public officials will faithfully perform their duties for the protection of the public.
Notary Public Bond
A Notary Public bond are a type of Public Official Bond that is required by statues to protect against losses resulting from the improper actions of notaries.
Call (843) 213-0000 today to speak with a licensed and local agent at Davis Insurance Associates about your Myrtle Beach Bond needs and see what we can do for you. When you think about Bond Insurance in Myrtle Beach - thinkdavisinsurance.com!
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