Alpha Insurers has over 20 years of experience in Bonding, specializing in Construction Bonds. With the current volatile economic climate, our experienced and knowledgeable staff can tailor bonds to your needs from cost effective performance bonds for your projects to specific bonds assuring detailed protection. Alpha Insurers offers a range of bonds each aimed to give protection for certain events or occurrences that may happen during a project or contracted work.

 

Please Visit Us at one of our convenient locations in Hagatna or Dededo, Contact Us, or with us today for all your insurance needs!

Types of Surety Bonds

  • Performance & Payment Bond
  • Material Supply & Equipment Bond
  • Wage Bond
  • Repatriation Bond
  • Bid Bond
  • Notary Bond
  • Tax Preparers Bond
  • Fidelity Bond

 

What Is Surety?

Surety is Action that can be taken against a certain person or corporation to make them liable for another’s Obligation, Debts, or Defaults in a signed contractual agreement.

What are Surety Bonds?

A Surety Bond or surety is a promise to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal’s failure to meet the obligation.

Parties to a Surety Bond

  • Surety- (Insurance Company) or who assures the obligee that the principal can perform the task.
  • Obligee- (Owner, Payee) or the party who is the recipient of an obligation.
  • Principal- (Obligor or Contractor) or the primary party who will be performing the contractual obligation.

 

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