We Offer a Full Range of Bonds, Customized for You
Need a contractor bond for your next project? We make it easy, quick, and completely online.
Our partnership with Propeller gives you access to a reliable platform with over 7,000 instant-issue surety bonds, including contract, commercial, and fidelity bonds. Propeller’s automated system cuts out the paperwork and provides dependable protection in minutes.
What Is a Contractor Bond?
A contractor bond guarantees that subcontractors, suppliers, and workers are paid for their services, even if the contractor cannot fulfill payment obligations. Commonly required for construction projects, especially public works, these bonds are often paired with performance bonds to ensure project completion and financial security.
Benefits of a Contractor Bond:
- Protects project participants by ensuring payments are made.
- Minimizes risk for subcontractors and suppliers.
- Enhances credibility for contractors, building trust with clients.
- Meets requirements for bidding on public sector projects.
Without a contractor bond, suppliers and subcontractors face significant financial risks. Our brokerage offers fast, cost-effective solutions to secure contractor bonds, helping you reduce risk and win more projects.
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Types of Construction Bonds
Bid Bonds: Assure that if a contractor wins a project bid, they will sign the contract and secure the required performance and payment bonds through the surety company.
Performance Bonds: Guarantee that the contractor will complete the project according to the contract’s specifications and terms.
Payment Bonds: Ensure that all subcontractors, workers, and material suppliers are paid for their contributions to the project.
Maintenance Bonds: Provide a warranty for a set period after project completion, covering any defects in workmanship or materials.
Supply Bonds: Guarantee that suppliers will deliver materials as outlined in their contract.
Subdivision Bonds: Required by local governments for new developments, these ensure the contractor completes public improvements, such as roads or utilities, in a subdivision.
Site Improvement Bonds: Ensure specific site enhancements, like landscaping or infrastructure, are completed as agreed.
Permit Bonds: Confirm that contractors will adhere to permit conditions and comply with all relevant regulations.
Completion Bonds: Guarantee the full completion of a project, protecting the project owner’s investment.
Retention Bonds: Allow contractors to access retainage funds (a portion of the contract price held back) upfront while still ensuring the project’s completion.
Other Types of Bonds We Offer
Contractor License Bonds: Required by many states or municipalities to obtain or renew a contractor’s license, these bonds ensure contractors comply with local laws, regulations, and industry standards, protecting clients from substandard work or unethical practices.
Warranty Bonds: Guarantee the quality of work or materials for a specified period after project completion, covering repairs or corrections for defects in craftsmanship or materials.
Lien Bonds: Used to remove a mechanic’s lien from a property, ensuring the project owner can clear title issues while guaranteeing payment disputes with subcontractors or suppliers are resolved.
Utility Bonds: Required by utility companies or municipalities, these bonds ensure contractors pay for utility services or complete required utility installations, such as water, gas, or electrical infrastructure.
Environmental Bonds: Ensure contractors comply with environmental regulations, covering costs related to cleanup or mitigation if a project causes environmental damage, such as soil or water contamination.
Right-of-Way Bonds: Guarantee that contractors working in public spaces, such as roads or sidewalks, complete work according to municipal standards and restore the area properly.
Customs Bonds: Required for contractors importing materials or equipment, these bonds ensure compliance with customs regulations and payment of duties or taxes.
Altamira Insurance Agency offers tailored bonding solutions to meet the diverse needs of your construction business. We have the ability to work nationwide but focus on supporting contractors in California, Nevada, and Utah. If you don’t see the specific bond you’re looking for here, search for additional options on our bonds page or give us a call—we’re here to help find the right solution for you. Contact us today to secure the right bonds quickly and efficiently.