Contact Us: (772) 463-7622
Butcher Insurance Group
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  • Quotes
    • Quick Quote
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    • Life Quote
    • Health Quote
    • Boatowner Quote
    • Umbrella Quote
    • Condo Quote
    • Flood Quote
    • Renters Quote
    • Motorcycle Quote
  • Service
    • Protection Review
    • Report a Claim
    • Make a Payment
    • Update Contact Info
    • Policy Change
    • Proof of Insurance
    • Online Documents
    • Free Consultation
  • Products
    • Auto Insurance >
      • Classic Car Insurance
      • RV Insurance
      • ATV Insurance
    • Life Insurance
    • Health Insurance >
      • Medicare Supplement Coverage
      • Long Term Care Insurance
    • Business Insurance >
      • Insurance Bonds
      • Event Insurance
      • Business Owner's Package (BOP) Insurance
    • Property Insurance >
      • Home Insurance
      • Condo Insurance
      • Renters Insurance
      • Flood Insurance
    • Motorcycle Insurance
    • Boat Insurance
    • Umbrella Insurance
    • Disability Insurance
  • About
    • Insurance Carriers
    • Client Testimonials
    • Accessibility Statement
  • Contact
    • Get a Quote - Home Insurance
  • Blog

Insurance Bonds

What is an Insurance Bond?

An insurance bond ensures contract completion in the event of contractor default and are typically required by project owners when seeking a contractor to fulfill a contract. 

The contractor obtains a bond so the insurance company is obligated compensate the project owner for the financial loss incurred if the work is not completed. 

Typical Insurance Bond Types

Although there are many types of insurance bonds, the four most common types needed by business owners are:
  • Bid Bond - Ensures the bidder on a contract will enter into the contract and furnish the required payment and performance bonds if awarded the contract.
  • Payment Bond - Ensures suppliers and subcontractors are paid for work performed under the contract.
  • Performance Bond - Ensures the contract will be completed in accordance with the terms and conditions of the contract.
  • Ancillary Bond - Ensures requirements integral to the contract, but not directly performance related, are performed.

Contact us to learn more about the right insurance for you or get a quote now.
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We're proud to serve Treasure Coast of Florida and the surrounding community by protecting the families and businesses we work with as we would protect our own.
We are committed to excellent service. Click Here to Learn More About Us

Areas Served:
Stuart, Port St Lucie, Tradition, St. Lucie West, Jensen Beach, Palm City, Martin County, Hobe Sound, Jupiter, and Palm Beach Gardens

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Butcher Insurance Group, Inc.
205 Winnachee Dr.
Stuart, FL 34994
(772) 463-7622
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