Surety & Bonding
One of the Top Bonding
Companies on Island
Moylan’s Insurance Offers a Wide Range of 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.
Guarantees faithful performance of the terms of a contract for construction or supplies.
Given by the contractor, it guarantees payment for labor and supplies for work required under contract.
Guarantees payment of damages and meeting of obligations in the event that the notary public fails to do so.
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.
The Surety Companies We Represent
*A.M. Best’s Financial Strength Ratings is an independent opinion based on a comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance, and business profile.
- AM Best Rating: B++ (Stable)*
- Rated A- (Unsurpassed) by Demotech
- US Treasury-listed Surety Company
- Partner/Participant, US Small Business Administration Surety Bond Guarantee Program
- AM Best Rating: A (Excellent)*
- Rated A (Stable) by Standard & Poor
The Role of Our Bonding Company
Bonds guard against loss only if the contract becomes default.
Compile necessary financial documents; prepare analysis for and request bonds from surety; issue required insurance for a project; screen potential claims for surety and recommend solutions; assist surety in rate determination and collection.
A contractor who is responsible for completing the terms of the contract
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.
Third-Party, usually the insurance company, who will pay if the contract is not fulfilled.