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What is a Surety Bond?

Surety bonds are written agreement between three major parties; the surety, obligee and principal. The agreement is a guarantee under which one party (the surety) obligates itself to a second party (the obligee) to answer for the default of a third party (the principal). IRM Insurance can help you with a variety of bonds.

IRM is Your One Stop Shop. We Offer:

• Performance and Payment Bonds

• Fiduciary Bonds
• Notary Bonds
• Utility Bonds
• ERISA Bonds

• Bid Bonds

• General Contractor Bonds

• Motor Vehicle Dealer Bonds

• Contractor's License Bonds
• Executor Bonds
• Alcohol Tax Bonds

• Home Improvement Contractor Bonds
• Liquor Bonds
• Probate Bonds


What are Bid Bonds?

What are Bid Bonds?

Contractors file bid bonds to guarantee they are serious bidders and are financially stable enough to complete the project.

Bid bonds are used as financial security for contract bid proposals — Questions asked are:

  1. How much is the bid?
  2. When is bid date?
  3. Been bonded before?
  4. How long have you been a business?
  5. Credit scores?

What are Performance Bonds?

What are Performance Bonds?

Performance bonds are a guarantee that a contractor will complete a construction project according to the agreed upon contract.

Tennessee utility bonds are required by various utility providers in the state on a case-by-case basis.


What are ERISA Bonds?

What are ERISA Bonds?

“Employee Retirement Income Security Act” bond, is a type of insurance that is used to protect people who participate in employee benefit plans. A defined benefit plan, a pension fund, or a 401(k) plan. This bond is required for employees who have administrative access to the retirement fund.


What are Motor Vehicle Dealer Bonds?

What are Motor Vehicle Dealer Bonds?

Tennessee motor vehicle dealer bonds are required by the Tennessee Motor Vehicle Commission if you sell 5 or more vehicles per year.


What are Liquor Tax Bonds?

What are Liquor Tax Bonds?

Tennessee requires a business who sell alcoholic beverages for consumption on specific premises to post a $10,000 surety bond. If you sell wine only, you will need a $2,000 surety bond. If you plan on being an alcoholic beverage wholesaler or distributor, you will need a $75,000 surety bond.

What Makes Us Different?

As a local independent isnurance agency, we're driven to provide the best coverage for our community. Unlike a captive, or direct insurance company who only offers their own proprietary products, our agency is 100% independent of any one company. Many insurance consumers don’t fully understand just how important that really is. When it comes to something as important as insurance, it’s imperative that you work with an agency who has an in-depth knowledge of multiple insurance products, companies, and guidelines — not just one.

Our experienced agents are here to make sure you don't have gaps in coverage, keep you updated on your insurance coverage, and to be there to help your family when you need it most.