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Performance Bond

To ensure the completions of projects in a timely manner as well as prove credibility, of the company working on the project, insurance companies can issue performance bonds.

Performance bonds are surety bonds issued by an insurance company to guarantee timely completion of projects within the guidelines of the signed contract between the contractor and the party paying for the project. If the project is not completed within the contractual obligations, the performance bonds can be paid out to help recover losses. Performance bonds usually cover the entire contract price, guaranteeing that in the case of the contractor not completing the project within the terms of the contract, the customer will not lose out on their investment. While performance bonds can be issued by insurance agencies, they are not considered insurance.

Jobs requiring performance bonds typically require a bid bond, and the performance bond is required by the bid winner as a security to the job’s completion. Performance bonds are typically used in the construction and development of buildings and other real property. The owner or investor of the property can require the developer to ensure contractors and project managers acquire performance bonds to guarantee the value of their work. Performance bonds are paid out against the lost work in the case of a mishap, such as the contractor going bankrupt.

Finding the best performance bonds for your project can take a lot of effort; however an independent insurance agency such as the Boardwalk Insurance Group can do much of the searching for you. Fill out some simple forms and answer a few questions online about yourself and a representative from Boardwalk Insurance Group will contact you quickly to help find the best performance bond for your upcoming project. Boardwalk Insurance Group representatives have access to 23 different insurance providers and can take the time to understand your needs when finding the performance bond that will best suit your requirements.

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