Financial guarantees ensuring contractors meet their contractual obligations including bid bonds, performance bonds, and advance payment bonds.
A banker’s blanket bond is a fidelity bond that protects a bank if an employee carries out a criminal act such as stealing money from a customer’s account. Depending on the state, a bank may be required to purchase a blanket bond to operate. Forgery and robbery are types of losses covered by a blanket bond.
An Advance Payment Bond or ‘APB’ is a Surety product that protects the money being Advanced to a Contractor at the start of a project. The Bond will protect the Beneficiary for the full Advanced amount should the Contractor default on the agreement.