Bond insurance protects agreements and assets between parties. Also referred to as a surety bond or financial guarantee insurance, these written statements are typically drawn between contractors and companies. Bond insurance guarantee agreements are upheld and protect against the risk of default or non-payment by a bond issuer. It’s important to work with a reputable insurance provider like Prichard Insurance Agency to consider the terms, conditions, and coverage limits provided by different insurers to ensure they obtain suitable protection for their bond offerings.