Texas Personal & Commercial Surety Bonds

You can trust us with the correct surety bond coverage.

Bill Culver & Co.

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Experienced and Trusted

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Helps you establish which bond you need

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Offers an easy process with your bond

Popular Bonds

  • Probate and Fidelity Bonds
  • Used Motor Vehicle Dealers
  • City Compliance Bonds
  • Auto Dealer Bonds
  • Administrators
  • Contractor’s License Bond
  • Notary Bonds
  • Fuel User Bonds
  • Lost Instruments
  • Over Axle and Over Gross Weight
  • Public Officer

So Just what is a Surety Bond?

A surety bond is a binding contract that ensures the commitments between the two parties will be fulfilled. Either party can demand the surety amount be paid if either party defaults defaults in the written contract.

  • The principal: Whoever requires the bond.
  • The obligee: The party requiring the bond.
  • The surety: The insurance company insuring that the principal will fulfill the obligation.

Surety bonds are commonly misunderstood. (The purpose of the bond varies depending on your point of view…). They can be part insurance and part credit.

Surety bonds are an insurance policy for the party requiring the bond, called the obligee. In many instances the obligee is a government entity and the bond remains in place to protect the government.

The obligee calls for the principal (you) to secure a guarantee bond. People will occasionally inaccurately refer to a guarantee bond as an “indemnity bond” (a particular kind of bond related to car loans) or a “safety and security bond” (a mispronunciation of surety bond and also not a real bond type).

commercial bonds img 1 - Commercial Bonds

Surety Bonding Explained:

Commercial Surety bonds work as a kind of insurance to the obligee, as they are the recipient that could sue if the bond’s guarantee is not met. When you are required to obtain a surety bond you are expected to abide by the Terms of the bond. When it comes to surety bond insurance claims, you are expected to re-pay every dime, plus all incurred legal costs to the surety company. The bond is backed by the guaranty, and the surety will certainly call for an indemnity arrangement to be signed by your company and all owners personally. Indemnity agreements promise your company and personal assets to repay the surety for any kind of claims connected with them.

Being able to obtain a Surety Bond for a tiny percentage of the bond value is viewed as a far better alternative than pledging or setting aside liquid assets to cover potential issues.

Obtaining a Surety Bond

First you should establish which bond you need and we will help you with this. At Bill Culver & Co., you count on us to evaluate your bond requirement and make sure you have the correct one that is needed. We have done this for years and will help you.

(There are countless different bond needs throughout the United States and if you buy the incorrect one, it will be rejected by the obligee.)

If your bond is for a certain agreement, after that you require a contractor bond (any tasks over $100,000 call for bonding as a result of the Miller Act).

If your bond is not for a specific contract, it will certainly fall under one of the complying with classifications:

  • Permit Bonds/ Misc. Bonds – When needed of you, however not for a certain agreement (usually should obtain a permit or license, and also known as non-contract).
  • Court Bonds – When needed by a court.
  • Integrity Bonds – Bond insurance policy for your company, not needed by any person.

At Bill Culver & Co, you can count on our team to help you evaluate your bond requirements and help you obtain the exact bond you need.

Surety Bonds Offer a Big Benefit…

Being able to obtain a Surety Bond for a tiny percentage of the bond value is viewed as a far better alternative than pledging or setting aside liquid assets to cover potential issues.

They also include surety case professionals who will help to protect you from false claims and will aid in resolving reputable claims.

However remember that they do have a duty to act appropriately in support of the obligee as well as to ensure appropriate claims are paid or solved. With your signing of the indemnity agreement, the surety’s insurance claims team are in charge of who and when to pay. Remember you are legitimately liable to repay them. For that reason, it’s critical to collaborate with an expert bond agent that will be a good insurance claims advocate. Bill Culver & Co will help you evaluate your options.

How To Protect Your Personal & Corporate Properties

Your surety bond agent ought to have the ability to describe exactly what your bond guarantees. If they cannot, they likely will not be a very good insurance claims partner for you after the bond purchase is completed. Certainly expenses are a fundamental part of making your choice on where to buy your bond, yet there are various other elements to consider also.

Bill Culver & Co. is a full service Commercial Surety Bond specialist and we’ll help you make smart decisions