Products & Services

SURETY BONDS

Telcom Insurance Group offers many types of Surety Bonds for your business needs. Some of the typical bonds needed for the Telecommunications Industry include Highway Bonds, Bid Bonds, Performance Bonds, Pole Attachment Bonds, License and Permit Bonds and Notary Bonds. We can also offer Errors and Omissions coverage for Notaries.


What is a Surety Bond?

A surety bond is an agreement under which one party, the surety, guarantees to another party, the obligee, the performance of an obligation by a third party, the principal.

Some of the most common types of surety bonds include:

  • License and Permit Bonds: Required by state, municipal or federal ordinance or regulation. These bonds may be required as a condition for engaging in a particular business or exercising a particular privilege.

Bonds that the government or an owner of a construction project may require a contractor to obtain include:

  • Bid Bond: Affords protection to the obligee (project manager) in the event a successful bidder will not enter a contract and will not provide the required surety bonds or other security.
  • Performance Bonds: Provides protection to the obligee if the contractor defaults on its obligations under the bonded contract.
  • Payment Bond: Guarantees that the contractor will pay subcontractor, labor material bills associated with the construction project.
  • Pole Attachment Bonds: Provides protection to the obligee for the use of its poles in connection with the attachment of the Principals antenna, cable or other equipment.

What information will I need in order to get a bond?

We will need the bond application completed and a copy of your company’s most recent audited financial statement. We would also like to see a copy of your contract listing the bond requirements. The timeframe to acquire a bond depends on the complexity of the bond; some of the larger bonds can take up a couple of weeks to secure. Please keep this in mind when sending us your request for a bond.

If you would like more information regarding surety bonds, please contact the underwriting department at Telcom Insurance Group at TIG@telcominsgrp.com or call 800-222-4664.