- Ted Baker, Baker Commercial Landscaping
Bond Coverage from LRA Insurance
Protection provided by a bond is not insurance. Coverage under an insurance policy involves a two-party agreement whereas in a bond, the person who pays the premium, known as a principal, is bonded for an action by a surety for the benefit of a third party commonly called a beneficiary. Bonds are distinguished between Surety bonds, which guarantee the performance of a contract, or Fidelity bonds, which protect against the dishonesty of employees.
Fiduciary Bond
This form of Judicial bond is written for individuals appointed to handle the affairs of others. It guarantees that individuals will faithfully perform their duties while acting within their appointed capacities.
Performance Bond
This bond is written for the benefit of the obligee or the owner only. It guarantees that an individual will faithfully perform under the terms of a contract for construction or for furnishing of supplies.
Surety Bond Program
This program is administered by the Small Business Administration and guarantees payment and performance for small businesses carrying contracts involving construction, repair, maintenance service, supply, or janitorial work. It insures up to 90% of a loss in contracts up to one million dollars.
Auto Dealers License Bond
This form of License and Permit bond guarantees that an auto dealer will have clear title to any car sold and is in compliance with all laws concerning the sale of automobiles.
License and Permit Bond
This bond guarantees that the licensee will conform to the laws or statutes relating to the business they are engaged in. They help qualify and enforce a variety of city and state laws and ordinances.