As one of the top bonding companies on island, Moylan's Insurance offers a wide range of bonds.

• Bid Bonds: Guarantees that a contractor will enter into a contract, if awarded to him, and that he furnish Contract bonds as required by the terms of the contract.
• Performance Bonds: Guarantees faithful performance of the terms of a contract for construction or supplies.
• Payment Bonds: Given by the contractor, it guarantees payment for labor and supplies for work required under contract.
• Notary Bonds: Guarantees payment of damages and meeting of obligations in the event that the notary public fails to do so.
• Construction Bonds: Guarantees completion of work specified in a contract.
• Wage & Labor Bonds: Given by a contractor, it guarantees payment for the labor and materials used in the work which he is obligated by contract to perform.

Bonds guard against loss only if the contract becomes default.

1. Project Coverage: Compile necessary financial documents; prepare analysis for and request bonds from surety; issue required insurance for project; screen potential claims for surety and recommend solutions; assist surety in rate determination and collection.
2. Work With Principal (Contractor): Conduct background investigation of contractor's experience; review any pending litigation or OSHA warnings against the contractor; and maintain open communication between the contractor and the surety.

Surety - Third Party, usually the insurance company, who will pay if the contract is not fulfilled.
Principal -- Contractor who is responsible for completing the terms of the contract.