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Surety Bonds

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Elk Agency Knows Surety Bonds

Whether you’re an individual seeking a particular type of bond, or run a business with a variety of bonding requirements, we can provide a surety program tailored to your needs.

Surety Bonds provided by Elk Agency:

  • Bid, Performance and Payment
  • Construction Materials Supply
  • Court Bonds – Judicial, Fiduciary and Probate
  • Depository Bonds
  • ERISA Fidelity
  • License and Permit
  • Lost Instrument
  • Miscellaneous
  • Notary
  • Public Official
  • Release of Lien
  • Utilities

… And more

Commercial Surety

Our Agency serves both domestic and international bonding needs for all types of businesses ranging from small businesses to multi-national companies.

We also provide bonds for individuals, nonprofits, associations and franchises.

Who is this right for?

  • Coal/Mining Industry
  • Financial Institutions
  • Healthcare Industry
  • Public Utilities
  • Retailers
  • Service Contractors
  • Technology Industry
  • Telecommunication Industry
  • Transportation Industry

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Surety bonds are designed to guarantee performance in the face of a set of particular risks. Each surety bond must be uniquely tailored to meet specific needs.

A surety bond is an agreement under which one party, the surety, guarantees to another party, the obligee, the performance of an obligation by a third party, the principal.

Notary Bonds

Most states require that a notary, or an individual who has applied for appointment as a notary, purchase a surety bond to protect the public from negligent mistakes or dishonest acts by the notary. Typically, the bond guarantees the notary will truly and faithfully perform and discharge all the duties of the office of notary public according to the law. The bond form also guarantees payment to all parties for monetary damages suffered as a result of any failure by the notary to discharge their duties.

Public Official Bonds

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Public official bonds are surety bonds that guarantee a public official will perform the duties of office faithfully and honestly and, in most cases, is required in order to hold office.

 

Surety Bonds for Banks & Diversified Financial Institutions

Surety bonds are frequently required of banks and we have a dedicated team of Commercial Surety experts ready to service their broad surety needs. Below are descriptions of some of the most commonly needed bonds. 

Appeal Bonds

An appeal bond, sometimes called a supersedeas bond, is required when a defendant wants to appeal an adverse judgment or order.

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Commercial Surety Overview

All types of commercial accounts need contract bonds Commercial contract bonds are performance bonds in which the surety (Elk Agency) guarantees to the obligee (usually a public entity such as federal, state or local government or a private owner) that the principal (client) will perform its contractual obligations per the agreed upon terms and conditions in the underlying contract. 

Most people think of construction (sticks and bricks) when contract bonds are mentioned, however, all types of commercial accounts need contract bonds. We classify these businesses as commercial contractors. The most common commercial contractors are supply contractors such as manufacturers, wholesalers or retailers who enter into contracts to supply and/ or install specific products, or service contractors whose primary business is to perform specific services for another entity.

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With bank pricing increasingly expensive, there may be an opportunity to provide a surety bond in lieu of a standby LOC. This allows you use your credit facility for more important things – like expansion, research and development, or acquisitions.

Our Agency can help both individuals and businesses – ranging from small to multi-national companies – with their commercial surety needs.

For more information on surety bonds and affordable: auto, home, health insurance quotes, don’t hesitate to contact us today at 763-241-0656.  The Elk Agency is an insurance broker vs. a "direct writer," which means we have more options for you.