Platinum Bonds Insurance Agency
Research before you apply.Indiana Payment Bonds ensure that subcontractors, laborers, and material suppliers get paid on construction projects. For public projects over $200,000, this bond is legally required and protects those who provide labor, materials, or services from non-payment. The bond amount equals 100% of the contract price and rem…
Indiana Payment Bonds ensure that subcontractors, laborers, and material suppliers get paid on construction projects. For public projects over $200,000, this bond is legally required and protects those who provide labor, materials, or services from non-payment. The bond amount equals 100% of the contract price and rem…
General contractors and prime contractors working on Indiana public construction projects estimated to exceed $200,000 must obtain a payment bond. The bond is also commonly required on private projects by contract.
Payment bonds guarantee that a contractor will pay subcontractors, laborers, and material suppliers. Typical Pricing:. • Small contracts: Commonly around 1–5% of the contract value. • Larger contracts: Rates generally scale lower as contract size increases. • Payment bonds: Often paired with performance bonds at a combined rate. • Full underwriting required: Credit, financials, experience, and bonding history reviewed. Payment bonds are required on most public proje…
Full underwriting required — typically 3–5 business days
The Indiana Payment Bond must be in an amount equal to 100% of the contract price. For public construction projects, this bond is legally required when the project is estimated to exceed $200,000. The bond remains in effect until one year after final settlement of the contract.
Under Indiana Code § 36-1-12-13.1, claimants must file signed duplicate statements with the political subdivision's board and deliver a copy to the contractor within 60 days of completing their work or furnishing the last materials. The board forwards one copy to the surety. No lawsuit can be filed against the surety before 30 days after filing, and suits must commence within 60 days after final completion and acceptance of the work.
Indiana Payment Bonds protect subcontractors, laborers, material suppliers, and service providers who contribute work, materials, or services to a construction project. The bond ensures these parties receive payment even if the general contractor fails to pay them. It is binding on the contractor, subcontractors, and their successors.
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