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Surety Bond Insurance

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Protecting What Matters: We Got You Bonded.

Bonds are commonly categorized as Fidelity Bond or Surety Bond. Fidelity Bond provides coverage against financial losses resulting from acts of employee dishonesty. On the other hand, a Surety Bond ensures the fulfillment of a contract by the insured party. LoPriore Insurance specializes in assisting individuals in obtaining a range of bonds, such as contract bond, license and permit bond, as well as used car dealer bond, among others.

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Massachusetts Surety Bond Insurance
Lopriore Insurance Agency

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At LoPriore Insurance, we recognize the distinctive vulnerabilities that accompany the responsibility of a surety bond. That’s why we offer specialized Surety Bond solutions, delivering comprehensive protection to safeguard your commitments from potential uncertainties.

Our team is committed to tailoring insurance bonds that align with your specific obligations, ensuring you’re equipped for unforeseen circumstances while upholding your professional commitments. From contract performance to regulatory compliance, our Surety Bond coverage is formulated to uphold your integrity and responsibilities, allowing you to focus on fostering productive partnerships and successful ventures.

Understanding the Importance of
Surety Bond Insurance

Surety Bond Insurance serves to guarantee the fulfillment of contractual obligations and provide financial protection in case of non-compliance, ensuring parties’ commitments are met and minimizing potential losses due to breach or failure. It promotes accountability in business transactions and regulatory compliance while offering a safety net for both obligees and third parties.

What is It?

Surety bond creates a contract among three parties, ensuring compliance with specific terms; failure to fulfill obligations can lead to recovering losses or damages from the bond. The trio involved comprises the surety (the issuing organization, often an insurance company), the principal (the obligated individual or company, like you or your employer), and the obligee (the protected party, usually the customer eligible for compensation if obligations aren't upheld).

Why Do I Need It?

Surety bond insurance is essential because it provides a safety net that guarantees the fulfillment of your contractual obligations. It builds trust with clients, partners, and regulatory bodies by assuring them that you have a financial backup in place. This insurance enhances your reputation, enables compliance with industry regulations, and safeguards against potential financial losses resulting from non-compliance or breach of contract.

Who Is It For?

Surety bond insurance is necessary for individuals, businesses, and professionals involved in contracts or industries where bonding is essential. It ensures commitment to obligations, regulatory compliance, and financial security in case terms aren't met.

How Does an insurance Bond Work?

Understanding how an insurance bond works is essential for businesses and individuals alike, as it is key in ensuring contractual obligations are met.

Understanding Each Parties' Role in Bond Insurance

Insurance bond, or surety bond, are contracts between three parties that guarantee obligations will be met. Whether you’re an individual or a business, understanding the different types of insurance bonds is crucial for risk management. Here’s what you need to know:

Principal
Obligee
Surety
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How much does Surety Bond Insurance Cost?

The cost of a surety bond insurance can vary significantly depending on several factors, including the type of bond, the amount of coverage required, the applicant’s credit history, and the specific surety bond provider. Surety bond costs are typically expressed as a percentage of the total bond amount. Generally, for individuals with good credit, the cost can range from 1% to 15% of the bond amount.

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Bond Amount
Financial Stability
Applicant's Credit History
Deductibles and Copayments
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Industry and Risk
Bond Type
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Factors that Affect The Cost Of Surety Bond Insurance

The cost of surety bond insurance hinges on factors such as bond type, coverage amount, applicant credit history, and the specific provider. Additionally, industry risks, bond purpose, and the applicant’s financial stability can impact the premium, prompting the need to seek quotes from various providers for optimal rates.

Who Needs Surety Bond Insurance

A surety bond is frequently required by various entities in diverse situations due to its assurance of financial responsibility and adherence to commitments. These contexts include:

Contractors
To guarantee the completion of construction projects according to agreed terms, contractors may be required to secure a surety bond. It provides assurance to the project owner that the contractor will fulfill their obligations.
Business Owners
Many businesses, especially those in regulated industries like real estate or auto sales, may need a surety bond to obtain licenses and permits. It ensures compliance with laws and regulations.
Legal Proceedings
Parties involved in legal cases may need surety bonds to guarantee court-ordered requirements. This can include appeal bonds, guardian bonds, and other court-related bonds.
Surety Bond Insurance - Business
Surety Bond Insurance - Contractors
Public Officials
Some public officials may be required to secure a surety bond to guarantee the faithful performance of their duties and adherence to laws and regulations.
Suppliers & Manufactures
To ensure the delivery of products or materials as per contract terms, suppliers and manufacturers may utilize surety bonds.
Subdivisions & Developers
Developers working on public projects within subdivisions may need a surety bond to ensure compliance with governmental regulations and statutes.
Anyone Required by Contractual Agreement
In many contractual agreements, one party may require the other to obtain a surety bond as a condition of the contract, providing financial assurance if the contracted obligations are not met.

The requirement for a surety bond can arise in various contexts and industries, serving as a tool to minimize risk, ensure compliance, and provide financial security. It is always advisable to consult with an insurance or legal professional to understand specific surety bond requirements related to your situation.

Need Help Navigating Bond Insurance?
Check Out Our Bond Insurance Blog

Need Help Navigating Bond Insurance? Check Out Our Bond Insurance Blog

Get ready to grasp the ins and outs of bond insurance like a pro! Our blog breaks it down in easy terms, so you know exactly what you’re dealing with. Dive in for simplified explanations, relatable examples, and the scoop on how bond insurance works.

Most Common Types of Insurance Bonds

By understanding these different types of insurance bonds, individuals and businesses can choose the appropriate bond that best aligns with their needs and legal requirements. It’s essential to consult with a professional insurance provider like LoPriore Insurance Agency to ensure that the chosen bond suits your specific situation.

Performance Bond
Performance bonds guarantee that a contractor will complete a project according to the specified terms and conditions. If the contractor fails to meet the obligations, the bond ensures compensation to the project owner.
Bid Bond
Bid bonds are submitted with a project bid and guarantee that the contractor will enter into the contract and provide the required performance bonds if awarded the bid.
Payment Bond
Payment bonds guarantee that a contractor will pay subcontractors, laborers, and suppliers as per the agreed terms. It ensures that all parties involved in the project are paid.
Fidelity Bond
Fidelity bonds protect a business against fraudulent acts by employees, such as theft or embezzlement. They offer a safety net against internal dishonesty.
Surety Bond
Surety bonds involve three parties and ensure that obligations are met by the principal. If the principal fails to meet the obligations, the surety (insurance company) will compensate the obligee (party requiring the bond).
License & Permit Bond
These bonds are often required by government bodies to ensure that businesses comply with laws and regulations. They protect the public by ensuring that licensed professionals adhere to industry standards.

Understanding Your Insurance Bond
What's Covered and What's Not Covered

Insurance bond coverages refer to the specific protections that the bonds offer. These can vary widely depending on the type of bond, the industry, and the specific needs of the principal (the party obtaining the bond). Below are general coverages that are associated with different types of insurance bonds:

What Bond Insurance Covers?
Performance Bond
Contract Fulfillment: Ensures completion of the project according to the contract's terms.
Financial Loss Protection: Covers financial losses due to contractor default or failure.
Bid Bond
Bid Submission Compliance: Ensures that a contractor will honor its bid and enter the contract if selected.
Loss Coverage: Protects the obligee against losses if the principal fails to honor the bid.
Payment Bond
Payment Assurance: Guarantees payment to subcontractors, laborers, and suppliers involved in the project.
Fidelity Bond
Employee Fraud Protection: Covers losses due to fraudulent activities by employees such as theft, embezzlement, or dishonesty.
Surety Bond
Obligation Guarantee: Ensures that the principal fulfills the agreed-upon obligations to the obligee.
License & Protection Bond
Regulatory Compliance: Ensures adherence to local laws, regulations, and industry standards.
Public Protection: Protects the public against damages or malpractice.
What Bond Insurance Does Not Cover?
Intentional Wrongdoing
If the principal intentionally fails to fulfill their obligations or engages in fraudulent or criminal activity, the bond may not provide coverage.
Obligations Beyond The Contract
Bonds typically cover the specific obligations outlined in the contract. Anything outside of those agreed-upon terms may not be covered.
Indirect or Consequential Losses
Bonds often cover direct losses but may exclude indirect or consequential damages, such as loss of profit or reputation.
Actions of Third Parties
Losses caused by parties not included in the bond agreement may not be covered.
Improper or Incomplete Documentation
If the principal fails to provide the necessary documentation or misrepresents information, coverage may be denied.
Beyond the Bond's Value
Most bonds have a penal sum, which is the maximum amount the surety will pay. Anything beyond this amount would not be covered.
Outside the Bond's Effective Period
If a claim is made after the bond has expired or before it has come into effect, it may not be covered.
Non-Compliance with Bond Conditions
Failure to comply with the specific conditions laid out in the bond might result in a denial of coverage.

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Where Do I Find a Copy of My Insurance Policy?

Insurance companies send you a copy of your insurance policy annually and if any changes to your policy have been made during the year. However, if you are unable to locate your policy, your insurance company or insurance agent should be able to send you a duplicate copy via email, fax, or mail.

What Happens When You Upload Your Policy?

Once we receive your uploaded policy one of our team members begins reviewing your policy. We will then contact you to discuss your coverage options. Every insurance company has different underwriting guidelines and offers different coverages and rates. Be advised while we try our best to quote with the information provided it still may be necessary to obtain additional information from you to prepare the most accurate rate.

Extra Protection, Extra Peace of Mind

Obtaining a quote for surety bonds involves contacting specialized companies and providing details about the bond type and coverage required. The resulting quote outlines the cost, allowing you to compare options and make an informed decision based on your specific needs.

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Surety bond Insurance FAQs

The cost of a surety bond is typically a percentage of the full bond amount and based on the applicant’s credit history. This cost also varies depending on the type of bond you need.

Bid bonds are used to bid on public jobs. It guarantees that the bidder will be able to secure a performance bond (contract bond) if and when they are awarded the bid for the job. The purpose of a bid bond is to prove a contractor is financially stable enough to complete the job at the price quoted.

Yes, the approval and cost of a surety bond are both based on your credit score. While bad credit won’t necessarily keep you from getting a bond, you’ll likely have to pay a higher amount.

The surety is designed to protect the customer. Therefore, your goal is to make sure all disputes are resolved before the surety ends up paying out a claim. The surety is essentially extending you a line of credit that you will have to repay in the event a valid claim is paid.

Full upfront payment is typically required for a bond to be issued. However, credit cards are usually an accepted payment method.

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What Others Are Saying About Us!

Brian Burgess was super easy to work with, and I was able to get a great policy without too much of a change in my premium, even though I went from a 13 year old car to a brand new car.
Tithi Dutta Roy
Tithi Dutta Roy
1690206403
Maria was a professional, courteous, and efficient agent. Within a week of initially contacting her, I received quotes, had all my questions answered, had my policies written, and she notified my previous carrier of cancelation. It was a pleasure working with her.
Chad Laliberte
Chad Laliberte
1689254503
Fast, accurate, responsive, and knowledgeable!
Lynn Thomas
Lynn Thomas
1687787112
Honest, straightforward service for commercial and personal insurance lines. I’m a satisfied , long time customer
Ramana Lagemann
Ramana Lagemann
1685988192
They have always treated us well and do a great job with our policies. They are always available if you have questions or concerns.
Bible4Shelley
Bible4Shelley
1685148846
Great experience! We have two units in a duplex. I was looking for a company that provides master insurance. The prices are much more reasonable than the company we used to work with.Quick responses. I’m happy I found them.
Nina Fine
Nina Fine
1683825783
I am so relived I was referred to this insurance company. It is true . . . . . you get what you pay for. I tried all the internet companies first and was bombarded by scams and wasted almost a week with ZERO results. I called and had the pleasure of being paired with an excellent agent Brian Burgess. By this time, I was in a complete panic because I couldn't pick up my new car from the dealership until was insured. I have always had an out-of-state West Coast license that was expired. He was so personable, patient, and very friendly. The most important is that he was professional and new exactly how to solve the insurance issue. He had my car insured within two hours! He has continued to follow-up with me through the process. I am going to refer him to my clients and friends. Thank you Brian!Raquel
Raquel Salois'
Raquel Salois'
1682990146
I am so relived I was referred to this insurance company. It is true . . . . . you get what you pay for. I tried all the internet companies first and was bombarded by scams and wasted almost a week with ZERO results. I called and had the pleasure of being paired with an excellent agent Brian Burgess. By this time, I was in a complete panic because I couldn't pick up my new car from the dealership until was insured. I have always had an out-of-state West Coast license that was expired. He was so personable, patient, and very friendly. The most important is that he was professional and new exactly how to solve the insurance issue. He had my car insured within two hours! He has continued to follow-up with me through the process. I am going to refer him to my clients and friends. Thank you Brian!Raquel
Saved my HOA $1,500/year with much more coverage than our previous insurance agent. Tentative & informative.
Elisa Balboni
Elisa Balboni
1681827535
Best insurance experience ever. Thank you Brian.
Elena EVNV
Elena EVNV
1680807226
I did some hunting online to obtain an auto insurance quote and I couldn't be happier with what Maria did for me. First, I loved that LoPriore had an option where I could simply upload my existing policy to obtain a quote. Next, Maria was so efficient in getting back to me. Then with her knowledge of insurance and her companies to choose from, and this is NOT an exaggeration: saved me thousands!! Maria had such sincere empathy for the high premiums we were facing, she went above and beyond to find us a great solution. This experience has truly renewed my faith that there IS indeed personalized customer service still alive and thriving out there. I am so pleased to have found a new insurance agency that I had only online reviews to go by at the start, and that I can without hesitation fully recommend! Do not give it a second thought. Move your policies here.
Kathy I
Kathy I
1680388787
Just switched to LoPriore Ins. Agency. Got a better price from previous agency. Seems like better coverage so far so good
Stan Mills
Stan Mills
1678895614
From the moment I was in contact with LoPriore agent I felt comfortable and secure that I been connected to someone I felt secure speaking with. Made my transition smooth and easy. Thank you!
It has been absolute pleasure working with Richard M. and the team at LoPriore Insurance. For years we did the direct route with homeowners and auto insurance thinking it would be easier and save us money. In beginning of 2022 we converted our multifamily home into condos and couldn't find any agent or companies willing to work with such a small HOA. I contacted Richard in a state of frustration and confusion and within a couple of hours he provided me with options and pricing. I was shocked at his ability to make the process look so easy compared to others I had been in contact with. Since then, we've also switched our primary residence and auto over their agency and Richard was able to get us better policies at a cheaper price! Our days of trying to go direct are behind us - I'm so relieved to have a dependable contact who can eliminate the confusion on such an important topic. Thank you, Richard, for your guidance and expertise!
Johanna Teahan
Johanna Teahan
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LoPriore Insurance Agency is the best agency around. They are on top of things and get you the best prices. John & Rich are amazing. Always willing to go above and beyond to help me out.
Diana Reilly
Diana Reilly
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The staff at LoPriore Insurance are second to none! Friendly, quick and knowledgable responses whenever information is needed. We have been a customer for over a decade and I know our business is in great hands with LoPriore Insurance Agency!
Judith Halloran
Judith Halloran
1669143561
Best insurance company i ever worked with by far. Adam Griffin is really amazing and easy to work with.
avi golani
avi golani
1668718966
Business matters are taken care of professionally, with great courtesy and thoroughness. All staff respond to questions as best they can or refer you to other staff as needed. All businesses should strive to be as well run.
Joe Smith
Joe Smith
1663539289
Always quick, easy client service. Thank you.
Michael Cuddy
Michael Cuddy
1662487813
Amazing service especially during these trying times! Made the process seamless and quick! John and Danielle were both great to work with! I highly recommend.
It's all about the service baby!
Lopriore Insurance is the type of agency that shops around for you (the client) getting the best rate and most important, they get you the right coverage.
Recently, I had my families commercial property switched over from another local agency, saving us over 3k with a bunch of extra bells & whistles we didn't even ask for (who does that). This kind of service has me telling my family and friends to support them because of all they do.
Mike Moccia
Mike Moccia
1556196383
I have appreciated all the help I’ve gotten, especially from Danielle! She always answered my phone calls and emails promptly and streamlined the process of getting multiple policies in place for us!
Wendy Vaughan
Wendy Vaughan
1540557208
We have been working with LoPriore Insurance Agency for many years for our auto, personal and business insurance policies. Being a small business owner, it's nice to know that if any issues arise, it only takes a quick phone call to have someone help address it. We always feel that we are in good hands with John and his amazing team!
Adam Griffith is our main man at lopriore insurance. Very efficient and honest! Not just an agent but a trusted advisor. Try and find someone to figure out how to insure a tattoo shop within a barber shop?? You would think it’s not possible, but Adam made it happen.
John and his team are the best.
I use them for all my insurance needs, auto, home and business.
Companies that I work with are always impressed on how quickly they respond to all our insurance needs.

Try LoPriore insurance, you will not be disappointed
John R. Micieli
John R. Micieli
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I send all my clients to LoPriore Insurance, I have received nothing but positive feedback both on price and service ! Keep up the great work John,Maria and Co.
Peter Camplin
Peter Camplin
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I couldnt imagine doing my insurance anywhere else! Theyre the best!
I got into an accident a little over a month ago. My agent Danielle was very helpful. She was always able to answer my questions, if I couldn't reach anyone from safety she was able to contact them and have them get back to me right away. When I had to go to the office and do paperwork work all of the employees were very nice and helpful. I highly recommend this agency.
Kristy Marie
Kristy Marie
1538484673
I have met many people in the Insurance industry, over my career of transacting Real Estate, and as a Broker/Owner of a firm. None, have made themselves so invaluable that I call them first without question, except for Lopriore. They offer consistently great service and rates, and help my clients with timely advice.

I trust them with my most valuable assets -- my clients, and my reputation.

Thank you for helping my clients, and my business!

Sean Callahan - Broker/Owner Callahan Real Estate
Sean Callahan
Sean Callahan
1526074049
5 stars!! A family member of mine suggested that I call there insurance guy John at LoPriore Insurance to get a better quote on my current insurance. When I called John he was very easy to work with and extremely helpful. I couldn't be happier with how easy and fast it was to get a quote of my current policy which included a renters policy and it was all offered for $1200 less per year. After years of being insured by another insurance agency I always thought all prices were the same buying from insurance agencies.
To my surprise this wasn't the case and I can't be happier I was referred to the insurance guy!! I Also want to thank Maria at insurance office that made it simple to transfer and sign up with my new insurance. I literally did this all thru my iPhone and signed my paperwork via my phone which made the change so simple. I highly recommend you contacting them and seeing what they offer you!
Angela Bognanno
Angela Bognanno
1520269176
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