Win more business with a guarantee you'll complete the work.

LCIS Bonds

Surety bonds are designed to guarantee performance in the face of a set of particular risks. A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee). Most important, it can help you win contracts by providing your customer with a guarantee that the work will be completed. There are two broad categories of surety bonds:

lcis-contract-bond-icon

Contract Surety Bonds

Surety bonds that are written for construction projects are called contract surety bonds. There are four types of contract surety bonds:

  1. Bid Bond: Provides financial protection to the owner if a bidder is awarded a contract but fails to sign the contract or provide the required performance and payment bonds.
  2. Performance Bond: Provides an owner with a guarantee that, in the event of a contractor's default, the surety will complete or cause to be completed the contract.
  3. Payment Bond: Ensures that certain subcontractors and suppliers will be paid for labor and materials incorporated into a construction contract.
  4. Warranty Bond (also called a Maintenance Bond): Guarantees the owner that any workmanship and material defects found in the original construction will be repaired during the warranty period.
lcis-commercial-bond-icon

Commercial Surety Bonds

Commercial surety bonds are required of individuals and businesses by the federal, state, and local governments; various statutes, regulations, ordinances; or by other entities. There are five types of bonds:

  1. License and Permit Bonds: Required by federal, state, or local governments as a condition for obtaining a license or permit for various occupations and professions. .
  2. Court Bonds (also called judicial bonds): Required of a plaintiff or defendant in judicial proceedings to reserve the rights of the opposing litigant or other interested parties.
  3. Fiduciary Bonds (also called probate bonds): Required of those who administer a trust under court supervision.
  4. Public Official Bonds: Required by statute for certain holders of public office, to protect the public from malfeasance by an official or from an official's failure to faithfully perform duties.
  5. Miscellaneous Bonds: These are commercial surety bonds that do not fit into any of the types above.

Interested in an insurance proposal at no obligation or cost?

lcis-logo-white-text

Landscape Contractors Insurance Services, Inc.
1835 N. Fine Ave, Fresno CA 93727
Tel (800) 628-8735 Fax (559) 650-3558
CA LIC # 0755906

close
LCIS Logo

Sign up to receive important insurance news and information in your inbox!

Your email information is secure.
Read our Privacy Policy