mount-vernon-ohio-insurance-agent

Call Us Today!

(740) 397-1234

  • About
    • Staff Directory
    • Testimonials
    • Referrals
    • Referrals
    • Insurance Articles
    • Keystone Insurers
    • Trusted Choice
    • Rate Us
    • Accessibility
  • Personal
    • Auto Insurance
    • Homeowners Insurance
    • Renters Insurance
    • Condo Insurance
    • Specialty Dwelling Insurance
    • Umbrella Insurance
    • Motorcycle Insurance
    • Watercraft Insurance
    • Flood Insurance
  • Business
    • General Liability Insurance
    • Commercial Auto Insurance
    • Farm Insurance
    • Church Insurance
    • Looking to protect your Airbnb?
    • Group Insurance Benefits
    • Bonds
  • Quotes
  • Contact
    • Service Center
    • Calculators
    • Locations

Bonds

What exactly is a bond?

A bond in layman’s terms is a way to secure a debt.

It is a way of you the consumer, being able to put up a little cost up front that says “I am letting you borrow this money so as to your agreement to pay the face value of said bond if ever needed”. In the real world, bonds can be issued by a government, municipality, corporation, federal agency and other entities.

In the insurance world a lot of times you will see them requested in the following ways:

What are the different types of Bonds?

Surety Bond

A surety bond is a contract between three parties. Firstly, the person who is the recipient of an obligation, secondly the primary party who will perform the contractual obligation, and finally the person who assures the obligation will be done.

Lost title Bond

These are a type of surety bond. They provide a proof and guarantee of ownership to the Department of Motor Vehicles. When no other form of documentation is available a Lost Title Bond shows the DMV that you are the “owner” of said vehicle.

Contract Surety Bond

Contractor bonds are one of the most “popular” types you will see asked for in the insurance space. Contract bonds are used in the construction industry by general contractors. They are a guarantee to a project’s owner that the general contractor will adhere to the contract put in place.

License and Permit Bonds

The following types function as a guarantee to a government entity that a company will comply with a statute, state law, ordinance, etc.

Some examples are but not limited to:

  • Contractors License Bonds
  • Tax Bond
  • Environmental Bonds
  • Broker’s Bonds
  • Motor Vehicle Dealer Bonds
  • ERISA Bonds

Our job as an independent insurance provider is to help you navigate a cumbersome system in finding the best fit for your bond requirements. We can help you find your bond needs, provide you with your bond, and help you get it to the party requesting.

Call our office today or head over to our quotes page to get started!

Mount Vernon Location

Dumbaugh Insurance
122 South Main Street
Mount Vernon, OH 43050
Get directions
(740) 397-1234

Sales

Service

Fredericktown Location

Fredericktown Office
66 N Chestnut St
Fredericktown, OH 43019
Get directions
(740) 694-1234

Sales

Service

Connect with us on social!

  • Facebook
  • LinkedIn
  • Twitter

Delaware Location

Delaware Office
(740) 369-0123

Sales

Service

Copyright © 2017 • Dumbaugh Insurance • Privacy Policy • Website by Advisor Evolved

Call Email Claims Payments
Skip to content
Open toolbar

Accessibility Tools

  • Increase Text
  • Decrease Text
  • Grayscale
  • High Contrast
  • Negative Contrast
  • Light Background
  • Links Underline
  • Readable Font
  • Reset