Welcome to JVB Logistics, LLC
We offer trustworthy and reliable surety bond services nationwide
A Subsidiary of Global Surety Underwriters, Inc.
About JVB Logistics, LLC
A Subsidiary of Global Surety Underwriters, Inc.
JVB Logistics, LLC is a national bonding subsidiary of Global Surety Underwriters, Inc. built on a foundation of integrity. As a reputable partner for all your surety bond needs, JVB Logistics, LLC prides itself on stellar customer service and affordable rates. We always aim to make our surety bond transactions convenient for our customers.
How Does a Surety Bond Work?
There are three parties involved in obtaining a surety bond:
THE OBLIGEE
The person or company requiring the bond, which is most often a government agency, regulation department, state/federal court, or general contractor.
THE PRINCIPAL
The person or company purchasing the bond and promising to adhere to the terms of the bond (a contract or legal regulations).
THE SURETY
The insurance company that is backing the bond for the principal and guaranteeing payment to the obligee if a claim is made.
Unlike a traditional insurance policy where the principal pays an ongoing premium for coverage, surety bonds are part insurance and part credit. To put it simply, surety bonds are insurance policies for the obligee that are backed and paid for by the principal.
The surety sits in the middle – offering a guarantee of payment to one party and collecting the payment (if a claim is made) from the other party. When the principal purchases a surety bond, they are buying a line of credit. The surety is simply saying, “They’re good for it.”
Most often, surety bonds are required by a government agency, regulation department, state or federal court, or general contractor.
The surety bond is used as a guarantee that the principal will fulfill the terms of a contract (contract or construction surety bonds) or abide by the laws that regulate their business (commercial surety bonds). If an obligee feels that the terms of a contract were not fulfilled or if a business is found to be in breach of the laws that regulate their business, a claim can be made against the surety bond. If the surety finds that the claim is valid, the surety will pay the claim, and the principal is responsible for reimbursing the surety for the claim and any legal costs.
What Bonds Do You Need?
There are thousands of surety bonds that depend on the needs of the agreement.
If the surety bond is based upon a specific contract, you will need a contract bond, also known as a construction bond. This is a broad category with specific surety bonds available.
If the surety bond is related to adhering to the laws and regulations that apply to your industry, you will need a commercial bond. This is a broad category with specific surety bonds available. There are two major sub-categories of commercial bonds: license & permit bonds and court bonds.
If the surety bond is required to receive licensing or permitting, you will need a license and permit bond. This is a sub-category of commercial bonds designed to protect the general public by guaranteeing compliance to regulating laws.
If the surety bond is connected with a legal proceeding, you will need a court bond. This sub-category of commercial bonds is used to minimize losses resulting from a court ruling or to insure compliance with court-mandated actions.