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Comprehensive Surety Bond Solutions by Marlow Campbell Insurance Group

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Understanding Surety Bonds by Marlow Campbell Insurance Group

Surety bonds are essential tools for ensuring government contracts are completed, covering losses from court cases, or protecting businesses from employee dishonesty. At Marlow Campbell Insurance Group, we provide comprehensive surety bond solutions tailored to your needs in North Carolina.

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Failure to complete a project
Permit requirements
Failure to meet standards
Employee theft

Failure to complete a project coverage

Risk Factors

A contractor might start a project but fail to complete it due to some reasons.


Surety bonds can be taken to guarantee that an insurance company will reimburse your client when your business fails to complete a project or fulfill a contract.

License/permit requirements coverage

Risk Factors

You may need a valid license or permit to apply for a particular project which can only be taken you get your license.


If you have surety bonds, you can get your license/permit on its security.

Failure to meet standards/regulations coverage

Risk Factors

A contractor might get booked for not meeting the standards of his work as promised.


Surety bonds can be taken to guarantee that an insurance company will reimburse your client when your business fails to meet its standards.

Employee theft coverage

Risk Factors

You may suffer a loss if any of your workers/employees steal anything on the construction site.


Surety bonds can be taken to reimburse the loss when your employee does something like this while at work.

What are Surety Bonds?

A surety bond guarantees to the obligee that the principal will adhere to the terms specified in the bond. These legally binding contracts ensure obligations are met between three parties:

Principal: The individual or entity requiring the bond
Obligee: The party requesting the bond
Surety: The insurance company guaranteeing the principal’s compliance

Functions of Contractor Surety Bonds

Contractor surety bonds serve several critical functions, including:

  • Ensuring the bonded project is completed as per the contract terms and agreed price
  • Guaranteeing payment to laborers, suppliers, and subcontractors even if the contractor defaults, which can lead to reduced costs and faster deliveries
  • Facilitating a smooth transition from construction to permanent financing by removing liens
  • Minimizing the risk of fund diversion by the contractor
  • Providing a channel for owners to address complaints and grievances through the surety
  • Potentially lowering construction costs by enabling competitive bids

Types of Surety Bonds

Surety bonds fall into two main categories:

  1. Contract Bonds: These bonds guarantee specific contracts, such as Performance Bonds, Bid Bonds, Supply Bonds, Maintenance Bonds, and Subdivision Bonds.
  2. Commercial Bonds: These bonds guarantee compliance with the terms outlined in the bond form.

When Do You Need Surety Bonds?

Surety bonds are often required for contractors working on government projects or for individuals and companies licensed by government entities. Even if not mandatory, surety bonds are beneficial when a contract demands performance guarantees, as they offer compensation to obligees if principals fail to meet their obligations. However, they are unnecessary if potential damages are minimal.

For more information on how surety bonds can benefit your projects and business in North Carolina, contact Marlow Campbell Insurance Group today.

Already have a Bond? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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