Assurance. Trust. Performance.
Contracts, government jobs, licensing obligations many business deals require guarantees. Bond or surety bonding ensures that if a party fails in its obligations, someone else steps in to protect the interest of the client or contract owner. At MJJ & Rose Insurance, we help you secure the bonds you need to win work and build trust.
Bond (or surety bonds) is a contract involving three parties:
Principal: the party who needs to fulfill a contract or obligation.
Obligee: the party who requires assurance that the obligation will be met.
Surety / Insurer: the company that provides the guarantee and will cover losses if the principal fails.
The bond assures the obligee that the principal will perform. If the principal fails (e.g. does not complete a project, does not pay subcontractors, etc.), the surety pays up to the bond amount.
