Commercial Bonds
To fit your needs The O’Connell Insurance Group offers a full line of commercial bonds. Whatever your bond needs may be, they will be handled handled quickly and efficiently and supported by your O’Connell Insurance Group team that specializes in these commercial underwritings, catering specifically to the construction industry.
O'Connell’s long history with and deep understanding of the construction industry allow us to offer a superior combination of products and services. We have the capacity and global reach to support the largest contractors and the local knowledge and resources to provide the middle-market with an outstanding combination of products and expertise.
Here are some of the bonds we offer:
- Performance Bonds
- Payment Bonds
- Maintenance Bonds
- License & Permit Bonds
- Court Bonds
- Lost Instrument Bonds
The O'Connell Insurance Group is committed to protecting you and your business. Our team is always available to answer your questions.
If you need immediate answers, call (617) 399.9990 or email info@oiginc.com.
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Performance Bonds 101:
A performance bond is a financial tool used to guarantee that in the event of a developer or contractor's default, funds are available to finish the construction of a project and ensure its proper completion. From your local government's point of view, the insolvency of a contractor during the construction contract will most likely result in delayed project completion and additional expenses for a completion contractor to finish the work. For this reason, it is common to require contractors to provide a bond from an independent bank or insurance company so that the local government can recover damages it may sustain as a result of the contractor's default up to a stipulated limit, often the estimated cost of construction for the project in question.
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