As one of the top bonding companies on island, Moylan's Insurance offers a wide range of bonds.
- Bid Bonds: Guarantees that a contractor will enter into a contract, if awarded to him, and that he furnish Contract bonds as required by the terms of the contract.
- Performance Bonds: Guarantees faithful performance of the terms of a contract for construction or supplies.
- Payment Bonds: Given by the contractor, it guarantees payment for labor and supplies for work required under contract.
- Notary Bonds: Guarantees payment of damages and meeting of obligations in the event that the notary public fails to do so.
- Construction Bonds: Guarantees completion of work specified in a contract.
- Wage & Labor Bonds: Given by a contractor, it guarantees payment for the labor and materials used in the work which he is obligated by contract to perform.
Bonds guard against loss only if the contract becomes default.
- Project Coverage: Compile necessary financial documents; prepare analysis for and request bonds from surety; issue required insurance for project; screen potential claims for surety and recommend solutions; assist surety in rate determination and collection.
- Work With Principal (Contractor): Conduct background investigation of contractor's experience; review any pending litigation or OSHA warnings against the contractor; and maintain open communication between the contractor and the surety.
Surety - Third Party, usually the insurance company, who will pay if the contract is not fulfilled.
Principal -- Contractor who is responsible for completing the terms of the contract.