• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
(808) 400-6680
  • Blog
  • Contact
  • Locations
  • MyATLAS Connection
  • Pay Online
Atlas Logo

Atlas Insurance Agency

Hawaii's Largest Insurance Agency

  • Business
    • Auto
    • Benefits Consulting
      • Group Health
      • Group Life
      • Self Funding
    • Small Business
    • Casualty
      • Cyber Liability
      • Directors & Officers
      • Employment Practices
      • Errors & Omissions
      • General Liability
      • Workers Compensation
    • Property
      • Builders Risk
      • Cargo
      • Crime
      • Flood
      • Hurricane
      • Income
    • Risk & Claims Consulting
      • Claims Management
      • Risk Control
    • Surety Bonds
    • Umbrella
  • Personal
    • Atlas Insurance Analysis
    • Auto
    • Homeowners
      • Earthquake
      • Flood
      • Hurricane
    • Private Client Group
      • Collections
      • Fine Art
      • Jewelry
    • Renters
    • Umbrella
    • Watercraft
  • Benefits Consulting
    • Group Health
    • Group Life
    • Self Funded
    • Small Business Unit
  • Industries
    • AOAO
    • Architects & Engineers
    • Attorneys
    • Auto Dealers
    • Construction
    • Financial Institutions
    • Hospitality
    • Manufacturing
    • Medical
    • Moving Companies
    • Nonprofits
    • Public Officials
    • Real Estate
    • Renewable Energy
    • Restaurants
    • Retail
    • Schools
    • Technology
    • Tour Buses
    • Wholesalers
  • About
    • Careers
    • FAQs
    • News
    • Newsletter
    • Philanthropy
    • Team
    • Testimonials
  • Blog
  • Contact
  • Locations
  • MyATLAS Connection
  • Pay Online
  • (808) 400-6680
  • Get An Insurance Quote
Get An Insurance Quote

Surety Bonds

› Business Insurance › Surety Bonds

For those working in certain industries, being “bonded” is either desirable or legally required in order to proceed with a project. Surety bonds provide protection against damages if a contract is not completed as originally agreed upon.

How Does A Surety Bond Work?

A surety bond is a protection that serves as a contract between three parties.

  1. The principal, or the professional or business doing the work. They are the one in charge of purchasing the surety bond to guarantee the quality of their work on the project.
  2. The obligee is the one for whom the principal is working and who can recover losses if the work is not completed as agreed upon.
  3. The surety is the organization that is issuing the bond; it guarantees that the principal will do the agreed upon work as specified. It is wise to rely on a surety that has a history of success in insurance and other financial protection measures to ensure that your contract is robust.

Who Are The Parties Involved In A Surety Bond?

a business owner signing a surety bond agreement with an insurance agentA surety bond is a protection that serves as a contract between three parties. The principal, or the professional or business doing the work, is the one in charge of purchasing the surety bond to guarantee the quality of their work on the project. The obligee is the one for whom the principal is working and who can recover losses if the work is not completed as agreed upon.

The surety is the organization that is issuing the bond; it guarantees that the principal will do the agreed upon work as specified. It is wise to rely on a surety that has a history of success in insurance and other financial protection measures to ensure that your contract is robust.

Who Needs Surety Bonds?

Surety bonds can be helpful in a wide variety of situations, though government contracts make up a large portion of the surety market. Still, commercial bonds are often required as part of a state’s process of granting licenses, and such bonds discourage businesses in the service industry from taking advantage of consumers who use their services. Some specific fields such as construction also take a large portion of the surety bond market for performance, supply and maintenance.

Trust Atlas Insurance Agency With Your Surety Bonds Needs

Whether you are trying to learn more about surety bonds or you are looking for a reputable surety to provide one, be sure to trust the best. Atlas Insurance Agency is Hawaii’s premier leader in surety and bonds, with a team that has over 20 years of combined experience. How can we help you with your next project?

Primary Sidebar

Have A Question?

Reach out to the professionals at Atlas Insurance Agency, and our team will respond to your inquiry as soon as possible.
  • This field is for validation purposes and should be left unchanged.

Footer

Atlas Insurance Logo
Corporate Headquarters 201 Merchant Street, Suite 1100 Honolulu, HI 96813
(808) 400-6680
info@atlasinsurance.com

Business Insurance

  • Small Business
  • Commercial Auto
  • Commercial Casualty
  • Commercial Property
  • Commercial Umbrella
  • Employee Benefits
  • Risk Control
  • Claims Management
  • Surety Bonds

Personal Insurance

  • Homeowners
  • Personal Auto
  • Personal Property
  • Personal Umbrella
  • Watercraft

© 2023 Atlas Insurance · Powered by 321 Web Marketing · Website Privacy Policy & Terms of Use