Surety Bonds in Littleton, CO | Lautenbach Insurance

Surety Bond Insurance

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What Are Surety Bonds?

There are three categories of bonds:

Commercial Surety Bonds include guarantees of financial performance.
Fidelity Bonds cover losses arising from employee dishonesty and errors & omissions liability insurance.
Contractor Bonds guarantee the performance of obligations covered by a written agreement between two parties.

These bonds serve as a critical financial safeguard, ensuring that businesses, contractors, and individuals fulfill their contractual and legal obligations. In a rapidly expanding market, surety bonds provide a layer of trust and accountability, protecting public and private interests alike.

Surety bonds are a type of agreement that involves three parties: the principal (you or your business), the obligee (the entity requiring the bond), and the surety (the insurance company).

Why Would You Need a Bond?

There are various reasons why you might need a bond:

Legal/Contractual Requirements: Many professions and businesses are legally required to obtain bonds to operate. For instance, contractors often need bonds to secure contracts and to work in public right of ways.
Business Protection: Bonds can protect your business from financial loss due to fraudulent activities or failure to meet contractual obligations.
Client Assurance: Bonds provide peace of mind to your clients, showing them that you are financially responsible and committed to fulfilling your obligations.

What Do Surety Bonds Cover?

Bonds are a financial guarantee that a principal makes to an obligee. Here are a few examples of different types of bonds that make be required:

Performance Bonds: Ensure that a contractor completes a project according to the contract terms.
Payment Bonds: Guarantee that subcontractors and suppliers are paid for their work and materials.
License & Permit Bonds: Ensure that businesses comply with state and local regulations.
Fidelity Bonds: Protect businesses from losses due to employee theft or fraud.
Court Bonds: Required in legal proceedings to ensure compliance with court orders.

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License & Permit/ Loss Securities Bond

This document is used to collect essential information from applicants seeking a specific type of surety bond and the obligations they intend to secure.

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Lost Title Bond

This bond serves as a financial guarantee to the Department of Motor Vehicles (DMV) and any potential claimants that the individual applying for the new title is the rightful owner of the vehicle.

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Probate Bond

This type of surety bond is required by a court to ensure that an individual appointed to manage the estate of a deceased person fulfills their duties ethically and in accordance with the law.

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Public Bond

This type of bond ensures that public officials perform their duties honestly, ethically, and in accordance with the law.

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Notary Public Bond

This type of surety bond is required for individuals appointed as notaries public to ensure they perform their notarial duties ethically and in accordance with the law.

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Notary E&O Insurance

This insurance is crucial for notaries who want to safeguard their personal assets and ensure they are financially protected in the event of an error.

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Dishonesty Bond

Also known as a fidelity bond, is a type of insurance that protects a business from financial losses caused by fraudulent acts committed by its employees.

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Janitorial Services Bond

This bond provides reassurance to clients that they will be compensated for theft, property damage, or other fraudulent activities conducted by the cleaning staff.

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Contractors FAST-Track Prequalification

For Single Bonds or Aggregate Programs up to
$800,000.

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Contractors PRO Prequalification

For Single Bonds or Aggregate Programs above
$800,000.

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If you have any questions or are looking for something that you do not see in the above list, please contact us. We would be more than happy to help and assist.

Frequently Asked Questions

Applying for a surety bond with Lautenbach Insurance is a straightforward process. You can start by filling out our online application form or contacting our office directly. Our team will guide you through the necessary steps, including gathering required documentation and assessing your bonding needs.

The cost of a surety bond varies depending on several factors, including the type of bond, the bond amount, and the applicant's financial history. Typically, the premium ranges from 1% to 15% of the total bond amount. Lautenbach Insurance will provide you with a personalized quote based on your specific circumstances.

The time it takes to obtain a surety bond can vary. For most standard bonds, the process can be completed within a few business days. However, more complex or high-risk bonds may require additional underwriting and could take longer. Lautenbach Insurance strives to provide efficient service and will keep you informed throughout the process.

If a claim is made against your surety bond, contact Lautenbach Insurance to begin the claim process. Then the surety will conduct an investigation to determine its validity. If the claim is valid, the surety will compensate the obligee up to the bond amount. However, as the principal, you are ultimately responsible for reimbursing the surety for any paid claims. The surety will work with you to resolve the issue and minimize any potential impact on your business.

If your surety bond is canceled or nearing expiration, it's crucial to act promptly to avoid any compliance issues. Contact Lautenbach Insurance to discuss renewal options or to obtain a new bond. Our team will help ensure you maintain continuous coverage and fulfill your obligations.