Contact Us
Murray, Schoen & Homer Inc.
71 North Avenue
New Rochelle, NY 10801
Tel: 914-632-8989
Fax: 914-632-9170
email MSH
Surety Bonds, Court Bonds & Performance Bonds
Understandng our clients’ needs and being willing to go that extra step is why we have always been successful for our clientele. Another example of our specialty areas is our Bond division.
Possessing Power of Attorney with our surety companies means that Murray, Schoen & Homer, in most instances, is able to provide prompt, speedy and professional services for:
SURETY BONDS A Surety Bond guarantees specific duties or obligations will be fulfilled as per a written contract. If the duty or obligation is not performed as promised, the surety will pay the bond limit. There are usually three parts to a surety bond. The principal or obligor is the person who buys the bond and promises to fulfill the obligations of the bond. The Obligee is the person to whom the bond is payable in case the principal defaults on its obligation. The Guarantor or Surety is the company that will pay the amount specified in the bond to the obligee.Examples are: A Bid Bond is usually required by obligees when construction projects are awarded based on the lowest bid. The bid promises that if the contractor is awarded the contract, they will accept the contract and a performance bond will be issued by the surety company. A Performance Bond guarantees that the principal or obligor will complete the contract as agreed upon. A Labor and Materials Bond guarantees that the work and materials will be delivered free and clear of any liens or other burdens.
LICENSE AND PERMIT BONDS are usually required by the state or Federal Government. It guarantees that the permit recipient will comply with the laws, regulations and ordinances associated with the use of the permit.COURT BONDS include several different types of surety bonds (Probate, Fiduciary, Judicial, and Equity) Fiduciary bonds (Probate bonds) are required for court-appointed officials entrusted with managing the property of others; executors of estates and receivers in bankruptcy are frequently required to post fiduciary bonds.
ERISA (Employee Retirement Income Security Act of 1974) - "ERISA", requires qualifying employee benefits plans to be bonded by acceptable surety companies for protection of planned funds against loss by acts of fraud or dishonesty on the part of those persons handling the funds. The bond limit must be equal to 10% of the total plan's assets to a maximum of $500,000 whichever is less.
CRIME Employee Dishonesty, Depositors Forgery, Money and Securities (Theft, Disappearance and Destruction), Computer Theft and Funds Transfer Fraud.
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Independent insurance brokers providing personalized financial planning and insurance services including homeowners insurance, business insurance, professional liability and group medical benefits. Murray, Schoen & Homer Inc is a New York State licensed insurance agency located in New Rochelle, NY and serves the surrounding Westchester County communities including Larchmont, Mamaroneck, Mt. Vernon, Harrison, Eastchester and Pelham, New York.
As a licensed entity in the State of New York we want to notify you that this is not an offer to sell insurance or an
advertisement of insurance anywhere except the State of New York, United States of America.