Surety Bonds

Surety bonds to protect your company.

A surety bond is a great way to guarantee that a large investment in a project is not lost—whether or not the work gets done. This type of insurance is especially common in the construction industry and is often utilized for government contracts.

When would a surety bond be necessary?

A surety bond is an unusual form of insurance in that one person or organization pays for it, while another receives the benefit. It’s easier to understand with an example. Imagine a contractor is building a new office building for a government agency. The agency naturally wants a guarantee that the taxpayer won’t be left out of pocket if the contractor fails to deliver the offices as promised.

How do surety bonds work?

The answer is a surety bond. The contractor pays a premium to an insurer to purchase the surety bond. The insurer then pays the necessary compensation to the agency if the contractor fails to deliver. The big difference between this and ordinary insurance is that the insurer can and will go after the contractor to get this money back. The point of the surety bond is that the agency gets the assurance that it won’t have to chase after the money itself.

The difference between the principal and the obligee.

While government agencies commonly insist on a surety bond, it can work with any two organizations. The one that purchases the surety bond is “the principal,” while the one that gets any payout is “the obligee.”

If there’s anything else you need to know about surety bonds, contact us today.

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Creswell Insurance Agency is thorough, informative, relatable, knowledgeable, professional, and prompt. I highly recommend Terry Creswell for any and all of your insurance needs!

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I joined Dave Ramsey's Financial Peace University course in July 2021, and it was very insightful. My Husband and I also purchased our 1st home together and needed to focus on getting more affordable Home Owners insurance. I referred back to ramseysolutions.com website and located an ELP Homeowners insurance provider in the person of Mr. Terry Carroll. Shared our situation that we were overly insured and needed to reduce our coverages. He provided the BEST Quote for Home and Auto! We are Truly Blessed and highly recommend Crewell Agency to anyone needing the Right insurance coverage.May God Richly Bless You Mr. Carroll!Andrea McGhee

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I have been doing business with Creswell Insurance Agency for over 25 years. I hate to say it, but in those 25 years it seems I have had more than my share of bad luck! From roofs, to wrecks, to vehicle break downs, I have been through them all.The great folks at Creswell have been there for me every time. A tornado passed over our subdivision about 20 years ago. I asked Terry to check on my roof. The next morning they were there to look at it, and I had a check in my hand immediately. About 10 years ago I was "T-Boned" at an intersection. My car was totaled. The next day I got a copy of the accident report to Terry and, the next day I picked up my check for the full price of the car.More recently, last Thanksgiving in Cullman Alabama, our car broke down on Saturday afternoon. In the next 3 months, I had 2 other cars break down. In all 3 situations I called the 1-800 number that goes with my auto policy and EVERY time the response was really great. Fast, convenient, and didn't cost me a dime.Can't say enough good things about my friends at Creswell.Jimmie V. Leach

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Creswell Agency has helped with insurance needs for our small business for years. Worker Compensation and General Liability primarily. They have always saved us money and been helpful with our questions in a timely manner.

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Terry Carroll was very prompt in contacting me to assist in finding better insurance. He was very thorough and patient in answering each of my questions, and I was able to receive more coverage at a much better deal. I highly recommend Creswell Insurance Agency to others who are looking for a better deal and want to explore their options. Terry Carroll is knowledgable about the process, and clearly puts in the work to make sure that clients are well taken care of for the future.

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I meant to email you a week or two ago, but I finally received my refund from my mortgage company for overpaying with my former home insurance provider ($991 over 6 months).Then, on top of that...my mortgage company has adjusted my monthly payments from $808 a month down to $637.Paid off my vehicle. Paid for a full year of your coverage on auto and my life is just changing almost daily.So thank you, thank you, thank you,Jay RobertsI never would have called if you weren't an ELP. That may not mean anything to others, but it does to me.

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(731) 686-8241

2038 W Van Hook St., Milan, TN 38358

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Surety Bonds

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Surety Bonds

CUSTOMERS ARE SAYING...

- Mandy Latham Robertson

(731) 686-8241

2038 W Van Hook St., Milan, TN 38358

GOT QUESTIONS? CONTACT US!

Your independent agents at Creswell are ready to find you the best coverage!

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Policies