Surety Bonds in North Carolina

Need a Bond for a License, Project, or Estate? Our Durham Agency Can Help

A surety bond is a promise that a specific obligation will be met. Unlike insurance, which protects the policyholder, a bond protects the party that requires it, such as a government agency, project owner, or court. Every bond involves three parties: the principal who needs the bond, the obligee who requires it, and the surety company that backs it. Alpha Risk Management Services in Durham helps individuals and businesses find the bond they need.

Commercial Bonds

Many licenses and permits require a bond before you can operate. Contractors, auto dealers, mortgage brokers, notaries, and other professionals often need license and permit bonds. Commercial bonds also include fidelity bonds, which help protect businesses against employee theft, and court bonds used in legal proceedings.

Construction Bonds

Contractors are frequently asked to provide bonds for public and private projects. Common types include:

• Bid bonds show that you'll honor your bid and sign the contract if selected.
• Performance bonds guarantee that the project will be completed according to the contract.
• Payment bonds guarantee that subcontractors and suppliers will be paid.

Many contractors pair their bonds with general liability insurance as part of a complete commercial insurance plan.

Probate Bonds

When a court appoints someone to manage another person's affairs, it may require a probate bond. Executors and administrators of estates, guardians, and conservators often need one. These bonds help ensure the appointed person handles assets responsibly and follows the court's direction.