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  Listed Article

  Category: Articles » Finance » Insurance » Article

Mike Kenny's view on the importance of bonds surety

By Ken Wilson

Bonds surety play an important role in today's competitive and unstable
economical climate. By taking a wider range of forms, they serve for a
multitude of purposes but basically they guarantee for the respecting
of payments and fulfilling of certain terms stipulated in legal

Bonds surety are legal documents, commonly undertaken and managed by
insurance agents. They guarantee that an obligation will be properly
fulfilled; otherwise, a certain penalty will have to be paid. These bonds
surety are powerful financial tools undertaken through documents and
forms that are very distinct from those in the insurance sector.

There are two major categories of bonds surety. The first are the
contract bonds, which provide financial security and construction assurance
on construction projects. They vouch to the obligee that the principal
will do his job and pay if necessary subcontractors, workers and
material suppliers. Included in this category are the next types of bonds:
performance, bid, payment, maintenance and subdivision.

Performance bonds warranty the completion of the project according to
the building plans and other specifications. They usually protect the
interest of the owner against any fraud or misrepresentation. Bid bonds
represent a written statement that guarantee to the obligee that
principal will offer his bid, as awarded in the contract. Payment bonds assume
that the obligee will give a written statement to the principal that he
will pay the contract amount mentioned in the bond without fail. This
type of bond protects the principal against risk and it also ensures
that the subcontractor and the suppliers do their job according to the
contract rules.

Some bonds surety are closed for guaranteeing payments and other
financial transactions, others oblige the parts who sign the contract to
perform a series of tasks or fulfill certaint duties. The other type of
bonds surety are commercial bonds. These guarantee performance by the
principal of the obligation and they include: license and permit bonds,
judicial and probate bonds, public official bonds and federal bonds.

As it was mentioned, surety bonds are created to protect the obligee
against breach of the contract by the principal. They usually involve
three parties, meaning the principal, the obligee and the surety. The
surety gives guarantee to the obligee that the principal will perform his

One special person, who has successfully put together numerous surety
programs for contractors is Mike Kenny. A veteran of the surety and
construction risk management business, Mike Kenny created Shamrock Surety
Services and had the courage to express his ideas and fulfill his

A man with a varied expertise in the field, Mike Kenny managed to
provide numerous customers with the best possible outcome for surety goals.
He is a licensed insurance broker in the state of California and he
earned a Bachelor of Science Degrees in Business Administration with
Emphasis in Finance from San Diego State University in 1989.

Mike Kenny is one of the most successful people in his field. He
understood the importance of surety bonds and made sure that everybody else
understood it too. His company, Shamrock Surety Service, has a team of
licensed, well-trained professionals who are set up to enable
contractors and businessmen in general to use the web to streamline the delivery
of surety bonds.

His experience in the financial analysis, underwritind, information
technology and marketing fields Mike Kenny a priceless leader in the
market. He started his career working for two of the nation's largest and
most respected surety companies in the industry. He continued to climb
the ladder of success by working at the Bay Area Offices of Allied North
America and Thoits Insurance where he served as Vice President of
Construction. Without a doubt, Mike Kenny is the best of the best.
The surety related website created by Mike Kenny comes only to add up to
the wonderful things people have to say about this man. The services
offered including bonds
are impeccable. Visit his website and discover the unparalled
surety consultation.
About the Author
internet writer

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