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The #1 Source for discount Contractor Surety Bonds



With savings to 65%, our extensive range of Contractor Surety Bonds options provide Contractor’s the bonding solutions needed to maximize the most protection for your company while saving money along the way.

What are Contractor Surety Bonds?

Commonly referred to as a “Surety Triangle”,

Contractor Surety Bonds are a three party contract that legally binds a

  1. Principle – the party who needs the Bond
  2. Obligee – the party who requires the Bond
  3. Surety – the party who sells the Bond

How do Contractor Surety Bonds Work?

The bond (surety) is a guarantee to the project owner (obligee) that the hired contractor (principal) fulfills the obligations outlined in an awarded contract.

For example:

The Obligee (project owner or hiring party) has awarded a bidding contractor a project with the exception he provides a bond as a guarantee that the job will be completed in accordance to the terms outlined in the contract.

The Principle (contractor) obtains a bond from a Surety Company (financial institution or bank) to comply with the Obligees contractual requirements regarding price and time as a main factor.

A year later, the project exceeds budget and deadline, the Obligee fires the defaulting Principle and files a claim with the Surety so he may hire another contractor to complete the unfinished project.

The Surety pays the claim and then orders the Principle to reimburse the amount paid out to the Obligee.

Do I need to Pay it Back?

It is very important to understand that a surety bond is not an insurance policy.

It is essentially a line of credit. They want the money back!

Why buy it if I’m required to Pay it Back?

Purchasing a bond can be a far more feasible option than putting up the entire “out of pocket” amount of money required by the Obligee or providing a letter of credit from a finance institution or bank. It is especially beneficial if a Contractor has multiple jobsites going on at any one time.

Does it require a Credit Check?

Good credit can be a viable tool when it comes to underwriting guidelines for factoring bond premium.

With Fairbanks Insurance Brokers being a leading provider of Sureties in of all types, our market penetration has granted us unprecedented access to the nation’s top Sureties where in many scenarios No Credit Check may be required to obtain a bond at a low price any contractor can afford!

Can I use a Co-Signer?

Many Surety Companies represented by Fairbanks Insurance Brokers do allow a Co-Signer, however in many cases it may not be a spouse or business partner. A Co-Signer can be a great asset in obtaining a lower premium for contractors needing a little help while rebuilding their own credit score.

What are my Payment Options?

We at Fairbanks Insurance Brokers have a variety of different payment options to choose from when it comes to purchasing your Surety Bond.

  1. Full Payment Option Pay the policy premium in full with a “One Lump Sum”. (This option is highly recommended to avoid missing a monthly payment, paying additional fees or possible cancellation)
  2. Direct Bill Option – The carrier will send you a monthly statement until the policy is paid in full. (This option normally requires a small down payment while the balance is divided up over an 8 to 10-month billing period)
  3. Financing Option – Fairbanks Insurance Brokers will set up monthly payments through a third party finance company. (This is our most popular option which requires a small deposit and flexible monthly payments with NO credit score required for instant approval)

How long does it take to Get my Bond?

Fairbanks Insurance Brokers is a firm believer in Low Cost, Speed and Service!

That being said, once the payment has processed, the next step is to immediately issue the bond and electronically send it to the Client and the Obligee.

*All License Bonds are sent directly to the State Licensing Board (CSLB etc.) to avoid lapse and possible license suspension.

Why go with Fairbanks Insurance Brokers?

Our State licensed operations grant us unparalleled access directly to the nation’s top “A” rated Surety Companies which allows us to cut out the “middle man” so we may quote and electronically issue your Bond within minutes, saving you valuable time and a money regardless of good, bad or any credit history whatsoever –


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