R.V. Johnson Insurance Blog: surety bonds

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Wednesday, August 9, 2017

The Importance of Payment Bonds

Often, contracts involve more than just the contract owner and the contractor. Contractors may engage subcontractors and suppliers in various capacities. Failing to compensate subcontractors and suppliers may open the contractor to potential risks. An important aspect of surety bonds is how they may govern compensation of subcontracting parties. READ MORE >>

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The above description provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.

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