Surety Bonds in Connecticut

 

At River East Insurance, we specialize in providing a wide range of Surety Bonds to meet the needs of businesses, contractors, and individuals in Connecticut. Surety bonds are a critical component of many industries, ensuring compliance with laws and regulations while protecting both business owners and the public. Whether you're a contractor bidding on a large project or a business needing a commercial bond, we have the right solution for you.

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We offer a diverse selection of Surety Bonds, from Contract Bonds to Fidelity Bonds, each designed to safeguard your financial interests and ensure that your obligations are met. With our expertise and personalized service, we make it easy to obtain the bonds you need, helping you focus on growing your business.

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Types of Surety Bonds We Offer

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Contract Bonds

 

Contract Bonds are essential for contractors bidding on projects and for business owners in need of a guarantee to fulfill their contractual obligations. These bonds protect project owners (obligees) and ensure that contractors meet their responsibilities according to the contract terms.

 

Some of the Contract Bonds we provide include:

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• Performance Bonds

• Bid Bonds

• Supply Bonds

• Payment Bonds

• Maintenance Bonds

• Subdivision Bonds

 

These bonds help ensure that your projects are completed as agreed, protecting your reputation and your client's interests.

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Commercial Bonds

 

Commercial Bonds are used by businesses to ensure credibility and compliance with industry regulations. These bonds guarantee that businesses adhere to local, state, and federal laws and regulations.

 

Common types of commercial bonds we offer include:

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• Liquor Bonds

• Auto Dealer Bonds

• Agriculture Bonds

• Fuel Tax Bonds

• Mortgage Bonds

• License and Permit Bonds

• Oil & Gas Bonds

• BMC84 Bonds

 

By securing these bonds, your business demonstrates trustworthiness and financial responsibility to the public and regulatory authorities.

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Fidelity Bonds

 

Fidelity Bonds provide protection against employee dishonesty, fraud, or theft, offering businesses peace of mind that they are protected from financial losses caused by dishonest or fraudulent employees.

 

The most common types of Fidelity Bonds include:

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• Business Services Bonds

• ERISA Bonds

• Employee Dishonesty Bonds

 

These bonds act as an extended form of business insurance, helping to shield your business from the damaging effects of employee theft or fraud.

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Surety Bonds Explained

 

What Is a Surety Bond?

 

A Surety Bond is a legal agreement that involves three parties:

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1. Principal (Payee) – The individual or business that needs the bond.

2. Obligee (Payer) – The party that requires the bond, typically a government agency, client, or project owner.

3. Surety (Bond Provider) – The insurance company or financial institution that issues the bond and guarantees the principal’s obligations.

 

If the principal fails to meet the terms of the bond, the obligee can file a claim against the bond to recover damages or losses. The surety provider steps in to pay the claim, with the principal being responsible for reimbursing the surety.

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Why Are Surety Bonds Important in Connecticut?

 

In Connecticut, surety bonds are often required by state and federal authorities for a variety of industries. They are particularly important for businesses and contractors that want to engage in public or regulated activities, including state projects, business licenses, and more. Surety bonds ensure that obligations are met, providing financial security for both the obligee and the bonded party.

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How Much Do Surety Bonds Cost in Connecticut?

 

The cost of a surety bond is determined by several factors, including the principal's credit score, financial strength, and the bond amount. Typically, businesses or contractors will pay a bond premium—a percentage of the total penal bond amount—based on their personal or business financial profile. Factors like the industry, asset profiles, and work history also influence the premium cost.

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Our team at River East Insurance works with you to find the most cost-effective surety bond solutions while ensuring compliance with all relevant regulations.

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Get Bonded with River East Insurance Today!

 

Whether you’re a contractor in need of a performance bond or a business owner securing a commercial bond, River East Insurance offers a variety of over 6,000 contract, commercial, and fidelity bonds to meet your needs. With our easy application process, competitive rates, and expertise in the bonding industry, we make it simple for you to get the protection you need.

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Call us today at (860) 615-9980 to discuss your surety bond requirements, or search our inventory of bonds in different states and apply online. Let us help you safeguard your business with the right bond to keep your operations running smoothly.

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Get Started!