Bonds

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Trust in The Russell Agency, LLC to provide the surety bonds contractors and business owners need for peace of mind.

If you’re a Connecticut contractor, you’ve probably obtained a surety or contractor’s bonds in order to make sure that your client was covered from any loss due to project mishaps. A surety bond is a promise to pay one party a certain amount if the other party fails to meet expectations. This type of bond is commonly issued for contractor’s (the principal) and the one hiring their services (the obligee). Sometimes contractors face unforeseen situations, which can prevent them from fulfilling the agreement as it’s laid out in a contract. As a result, the bond protects the obligee from costs incurred when things don’t go as planned.

As a contractor or business owner, you can purchase a bond from The Russell Agency, LLC knowing we have the experience and expertise to handle your particular situation. If you’re a resident looking for other types of bonds to financially secure your future, we also offer ERISA bonds and probate bonds.

A probate bond is similar to a life insurance policy in that it protects a family’s finances and property when another family member passes away. Specifically, “probate” is the process of carrying out a will in a correct and ethical fashion. A probate bond is purchased by the executor of the will or estate to make sure that everyone involved in the legal process—the court, heirs, etc.—do not do anything during the process that could be considered negligence. The probate bond is a guarantee that everything included in the will is carried out and distributed.

Individuals and families can also purchase what are known as ERISA bonds. The Employee Retirement Income Security Act (ERISA) was passed in 1974 to guarantee that most employee pension plans are properly regulated and distributed. In some cases, fraud, dishonesty and other mishaps may occur by a fiduciary and ERISA bonds are designed to cover the beneficiaries from damages.

At The Russell Agency, LLC we understand the risks that Connecticut contractors, business owners, and residents take, which is why we want to help you protect yourself with our surety, contractor’s, ERISA, and probate bonds. If you have any more questions about these types of coverage, we can get you the information you need! Call us today at 888-926-3564 or fill out the form on this page.

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