LoPriore Can Meet Your Surety Bond Needs

Typically, bonds are classified as Fidelity or Surety bonds. Fidelity Bonds protect the insured from losses due to employee dishonesty. Surety Bonds guarantee the insured’s performance of a contract. LoPriore Insurance can help you secure a variety of bonds, including contract bonds, license and permit bonds, used car dealer bonds, and so forth.

Surety Bonds

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Surety bonds serve as a contract between three parties that guarantees certain terms will be followed. If the terms aren’t followed and obligations completed, losses or damages can be recovered from that bond.
The three parties included in a surety bond are:

  • The surety: The organization issuing the bond (the insurance company)
  • The principal: The individual or company who is required to have the bond (You or your company, employer, etc.)
  • The obligee: The person or organization protected by the bond (the customer who is eligible to recover losses if the obligation isn’t met)


A variety of contractors, commercial companies, and even governmental organizations are required to use surety bonds to protect customers from potential loss or damage.


Surety bonds are often required for the completion of certain jobs because they protect the customer from potential losses that arise from a breach of contract.


There are a variety of different types of surety bonds required for different situations in Massachusetts. Generally, the purpose of any surety bond is to provide the customer with a form of insurance that certain risks won’t occur. The following are the most common types of surety bonds.

  • Bid bonds: A financial guarantee that the contractor intends to provide the required performance at the price bid
  • Performance bonds: Protection for the owner from financial loss if a job isn’t completed properly
  • Payment bonds: A guarantee that the contractor will pay subcontractors, laborers, and material suppliers associated with the project
  • Maintenance bonds: Guarantee against defective workmanship or materials
  • Subdivision bonds: Guarantee to a city, county, or state that the principal will finance and construct specific improvements

Commercial Surety Bonds

  • License and permit bonds: Laws required by local or state laws to obtain a license or permit to engage in a particular business
  • Judicial and probate bonds: (Also known as court bonds or fiduciary bonds) Judicial bonds are used in civil proceedings to ensure you can pay related fees (ex. bail bonds, appeal bonds, and indemnity to sheriff bonds). Probate bonds guarantee faithful performance of terms outlined in court (ex. administrator, executor, and guardianship bonds).
  • Public official bonds: A guarantee of duty by a public official
  • Federal (non-contract) bonds: Bonds required by the federal government (ex. Medicare and Medicaid providers, customs, immigrants, excise, and alcoholic beverage) 

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Surety Bonds FAQ's

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.

Learn More About Surety Bonds

Surety bonds can be confusing if you’re unsure about your needs. Still, they’re designed to protect your customers and are an important feature of many business agreements in Massachusetts. If you need to provide a surety bond but are uncertain about exactly what is required, our experienced agents can help. Get in touch today to learn more about the various surety bonds available, or to apply for the bond you need. 

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