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Frequently Asked Questions About Bonds

What is bond insurance?

 

An issuer of a bond can purchase bond insurance to guarantee scheduled payments of interest and principal on the bond to its bondholders in case the issuer defaults. Once the issuer purchases bond insurance, its credit rating is replaced with the insurer’s credit rating. Premiums are a measure of the perceived risk of failure of the issuer and are paid to the insurer in either lump sums or installments.

 

What are the benefits of being bonded?

 

Being bonded gives issuers the ability to leverage business growth. With the increased stature of having the insurer’s credit rating, a business can feel safer in taking risks to improve and grow the business. This is especially true in the construction and financial industries.

 

A bonded business can obtain unbiased criticism from a credit professional and seek advice in underwriting projects.

Some bonds we handle include, but are not limited to, the following:

  • Contract performance bonds

  • Bid bonds

  • Maintenance bonds

  • Payment bonds

  • Supply bonds

  • License and permit bonds

  • Miscellaneous bonds

HOURS & LOCATION
Location

Statewide Insurance Agency of Skokie

8001 Lincoln Ave Suite 715

Skokie, IL 60077

swinsurance@sbcglobal.net

 

Tel: 847-675-7714

Fax: 847-675-6851

Hours

Monday: 9:00am to 6:00pm

Tuesday: 9:00am to 6:00pm

Wednesday: 9:00am to 6:00pm

Thursday: 9:00am to 6:00pm

Friday: 9:00am to 6:00pm

Contact Us

Statewide Insurance Agency of Skokie

8001 Lincoln Ave Suite 715

Skokie, IL 60077

Telephone: (847) 675-7714

Fax: (847) 675-6851

Email: swinsurance@sbcglobal.net

We provide home, auto, business, life and health insurance throughout Illinois including Chicago, Evanston, Skokie, Niles, Lincolnwood, Morton Grove, and the surrounding areas.

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