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    Bonds differ from insurance policies since they are an agreement involving three parties, rather than two. Often, these three parties agree to a guarantee of performance of some kind. If the first party, known as the principal, fails to perform, the second party, or oblige, is protected by a third party surety carrier.
    • Contract bonds
    • Bid
    • License and Permitted bonds
    • Contract bonds
    • Bid
    • License and Permitted bonds

    What is a Bond?

    Bonds differ from insurance policies since they are an agreement involving three parties, rather than two.  Often, these three parties agree to a guarantee of performance of some kind.  If the first party, known as the principal, fails to perform, the second party, or oblige, is protected by a third party surety carrier.

    Bonds in Massachusetts

    What Type of Bonds are Available?

    There are several bonds types, all designed for very specific scenarios.  There are Surety bonds such as a payment bond, a maintenance bond, a judicial bond, or there are Fidelity bonds. However, the most commonly purchased bonds are Contract bonds, License and Permit bonds and Bid bonds

    Receive a Free Bond Quote!
    TESTIMONIALS

    Customers Love Us

    • When I called the staff at Paul T. Murphy Insurance, they explained how auto reform would allow me to increase coverage and save money at the same time. I moved my home and umbrella insurance to my current auto carrier and saved over $350. In July 2008 when my auto insurance renews with Safety Insurance, I will save another $300 just for having my auto and home insurance with the same company. The staff at Paul T Murphy Insurance Agency really understands the new Massachusetts reform and how to pass savings and additional coverage to their clients.

      Frank

      Winchester, MA

    • After many years of doing business with the Paul T. Murphy Insurance Agency, I am thrilled to learn of this relationship with Northrup to service the Lynnfield area. I have trusted both my personal and business policies with Paul and have never received less than the best of service. I like the face that they service as professionals but treat you like a friend. Recently during a complicated Workers Comp claim, Paul showed up to walk me through what I thought would be a mess of paperwork and confusion – the personalized service I receive spoke volumes. I have never gotten service like that from anyone else. I also like the fact that they are always ready to save me money without ever compromising my coverage.

      Tony Bartolo

      Lynnfield, MA

    • One of the best business and personal decisions I ever made was to collaborate with Paul Murphy Insurance Company for our families insurance needs. Starting with our business policies, then eventually all of our personal policies, we have slowly transitioned all to be managed by PMI. Many companies loosely tout that they treat you as one of the family; PMI proves it in their actions. We are glad we are part of their family.

      Kelly Ilebode

      Boston, MA

    Types of Bonds:

    • Contract bonds guarantee the performance of a principal to complete work according to a contract with an obligee. For example, the City of Boston entering an agreement with Paul’s Construction Company to complete a new commuter rail line.   As part of the agreement, Paul’s Construction must purchase a Contract bond to protect the City of Boston if they do not complete the work.
    • Bid bonds are very similar to a performance bond. However, these bonds are established prior to submitting a project bid.
    • License and Permitted bonds guarantee the performance of an individual who needs a license in order to operate such as a plumber, electrician, alcohol vendor, barber or real estate agent.  These bonds guarantee compliance, good faith, credit, financial or indemnity agreements.

    How Can I Get a Bond in Massachusetts?

    First, determine the type of bond and amount required for your line of business or project.  As an independent agency, we can rate bonds from multiple carriers to save you time and money.  You also have the advantage of working with an experienced agent that can provide recommendations and help you make an informed decision regarding your purchase.

    Receive a Free Bond Quote!
    Some additional information in one line
    Paul Murphy Insurance • 628 Broadway, Rt 99 Malden, MA 02148 • 781.321.9700


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    This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.

     

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