Claims & Insurance
Surety Bond
A guarantee from a bonding company that pays if a contractor fails to finish the job or fails to pay what they owe. It is not the same as insurance and does not cover the contractor's own mistakes. What it protects, and who can claim on it, depends on the state and the contract.
Common questions
What does "Surety Bond" mean in Xactimate estimating?
A guarantee from a bonding company that pays if a contractor fails to finish the job or fails to pay what they owe. It is not the same as insurance and does not cover the contractor's own mistakes. What it protects, and who can claim on it, depends on the state and the contract.
Where does "Surety Bond" show up in a claim?
The term matters on estimates and scopes across the insurance restoration workflow. Browse the glossary for related terms.
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