REQUEST A BOND
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
License and permit bonds
HOURS & LOCATION
Statewide Insurance Agency of Skokie
8001 Lincoln Ave Suite 715
Skokie, IL 60077
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