Different than insurance, a surety bond is designed to guarantee a principal's integrity and honesty, performance and financial responsibility, as well as compliance with a law or contract.
Required for most grain elevator operators. This bond guarantees that the elevator complies with the rules and regulations set forth by state and federal agencies regarding grain storage.Dealer bonds
Required for people licensed with the Department of Agriculture who buy and resell agricultural products. Dealer bonds include grain dealer bonds, hay dealer bonds, livestock dealer bonds, milk dealer bonds and produce dealer bonds.Fuel tax bonds
Required for fuel sellers, such as convenience stores, to guarantee payment of all required taxes, penalties and any interest owed.Federal bonds
Required for fuel manufacturers or distributors to guarantee that the principal will comply with federal agency rules and regulations, as well as pay required taxes.
'Bonding' is the vetting process for contractors seeking a contract surety bond. Before we issue a contract surety bond, we evaluate the contractor's qualifications. Ultimately, we want to assure the project owner that the contractor has the resources and capacity to perform the contract according to its terms and conditions.