Contractors & Tradesmen

Surety Bonds

  • As Low as $69 / Year
  • Bad Credit OK!
  • No Credit Check / Flat Rates
  • Instant Issuance




With savings up to 65 percent, 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) will fulfill 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 condition that 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 (insurance company or bank) to comply with the Obligee’s contractual requirements regarding price and time as a main factor.

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

The Surety pays the claim and then orders the Principle to reimburse the amount paid 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 affordable option than putting up the entire amount of money required by the Obligee out-of-pocket or providing a letter of credit from a financial 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 is an important tool when it comes to underwriting guidelines for calulating bond premium.

Since Fairbanks Insurance Brokers is a leading provider of Sureties of all types, our market penetration has granted us unprecedented access to the nation’s top Sureties, and in many cases No Credit Check may be required to obtain a bond at a low price that 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?

Fairbanks Insurance Brokers has 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 in 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 willset 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 CostSpeed and Service!

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. We can quote and electronically issue your Bond within minutes, saving you valuable time and a money regardless of good, bad or any credit history whatsoever.