Technically, bond insurance is not insurance. Also known as surety bonds, they are three-party contracts whereby one party, known as the surety, guarantees that the second party, the principal, will make good on their obligation to a third party, the obligee. If you live in Pennsylvania, you are required to secure a surety bond if you are:
- A notary public
- Automobile dealership owner
- Own or run an auction house or business
- A freight broker or freight forwarder
- Maintain a business that uses oversize or overweight trucks and trailers to haul cars or other motorized vehicles
- Maintain a service-oriented business such as a house cleaning business that sends employees into customers' homes.
Not all Pennsylvania insurance companies sell surety bonds insurance, even though they are, in essence, insurance. Like other insurance forms, surety bond insurance will pay damages to the person who suffers a loss. In this case, should the principal, the person with the obligation to fulfill the agreed-to terms of the business or contract involved, fail to do so, the obligee, the wronged party, can file a claim on our surety bond insurance to recover whatever losses he endured as a result of the default. The R&R Insurance Group will review and pay it, then go after the principal for recompensation. If you are fortunate enough to live in the vicinity of Quakertown, PA, R&R Insurance LLC is the place to get bonded and find reliable coverage.
Whether you're thinking of getting into a business that requires you to be bonded or seeking information about automobile, homeowners, business, or health insurance, R&R Insurance Group LLC can help you. We've been taking care of Quakertown, PA residents' insurance needs, and those in Lehigh Valley, Berks County, Bucks County, Northampton County, Montgomery County, and Philadelphia since 1994. Call today for an appointment with one of our knowledgeable insurance reps at a time that best fits your schedule.
While our office is located in Quakertown, PA, we service clients all across Pennsylvania & New Jersey.