Things we love, insurance and bonds! Time Insurance Agency is one of the largest surety agencies in Texas based on volume of business! We are a full-service surety and insurance agency with a specialization in surety programs for the Construction, Waste Hauling, and Energy sectors. While we are an Austin, Texas-based company, we handle the surety needs for clients across the United States. Our experienced staff is ready to help you.
What exactly is a Surety Bond?
Surety bonds are a promise by a surety company to pay a first party if a second party fails to meet its obligations. Three parties are involved:
The principal: The person who must make good on an obligation.
The obligee: The person who needs a guarantee that the principal will perform.
The surety: The issuer of the surety bond guaranteeing that the principal will meet its obligation.
At its simplest, a surety bond requires the surety to pay a set amount of money to the obligee if a principal fails to perform a contractual obligation. Obligees are frequently government agencies, but commercial and professional parties can also use surety bonds. Surety bonds help principals, typically small contractors, compete for contracts by reassuring customers that they will receive the product or service promised.
To obtain a surety bond, the principal pays a premium to the surety, typically an insurance company. The surety bond requires the principal to sign an indemnity agreement that pledges company and personal assets to reimburse the surety if a claim occurs. If these assets are insufficient or uncollectable, the surety pays its own money to satisfy the claim.
Types of Bonds
Permit & License
Fast & Easy
We developed our own surety bond e-commerce website to make it even easier to get permit & license bonds. Over the years we have developed valuable and solid relationships with many premier surety companies all over the US. They have partnered with us to issue bonds instantly on OnlineBond.com. Simply pick your bond type, pay, and print your bond. Try it today.