---
title: "Writing an incident Report - Step 1: Facts"
description: Learn the essentials of surety bonds, their historical context, and benefits in public works projects, plus how to handle defaults and the role of performance and payment bonds.
image: https://blog.tsibinc.com/hubfs/shutterstock_1216012684.png
---
- [Resources](https://tsibinc.com/resources/)
- [Contact Us](https://tsibinc.com/contact-us/)
[Pay Online](https://tsibinc.com/pay-online/)
[Wrapworks Contractor Portal](https://wrapup.vuewrapup.com/contractorportal)
[](https://tsibinc.com)
- Insurance
- Commercial Insurance
- Commercial Insurance 1
- [Automobile Liability](https://tsibinc.com/insurance/commercial-insurance/automobile-liability/)
- [Builder’s Risk](https://tsibinc.com/insurance/commercial-insurance/builders-risk/)
- [Property Insurance](https://tsibinc.com/insurance/commercial-insurance/property-insurance/)
- [Pollution](https://tsibinc.com/insurance/commercial-insurance/pollution-legal-liability-insurance/)
- [Cyber](https://tsibinc.com/insurance/commercial-insurance/cyber/)
- [Employment Practice Liability & Officer’s Liability](https://tsibinc.com/insurance/commercial-insurance/directors-officers-employment-practices-liability/)
- Commercial Insurance 2
- [Excess Liability](https://tsibinc.com/insurance/commercial-insurance/excess-liability-insurance/)
- [General Liability](https://tsibinc.com/insurance/commercial-insurance/general-liability-insurance/)
- [Employee Benefits](https://tsibinc.com/insurance/employee-benefits-programs/)
- [Owner’s Protective Professional Indemnity](https://tsibinc.com/insurance/commercial-insurance/owners-protective-professional-indemnity/)
- [Professional Liability](https://tsibinc.com/insurance/commercial-insurance/professional-liability/)
- Commercial Insurance 3
- [Railroad Protective Liability](https://tsibinc.com/insurance/commercial-insurance/railroad-protective-liability/)
- [Terrorism](https://tsibinc.com/insurance/commercial-insurance/terrorism/)
- [Umbrella](https://tsibinc.com/insurance/commercial-insurance/umbrella/)
- [Workers’ Compensation Insurance](https://tsibinc.com/insurance/commercial-insurance/workers-compensation-insurance/)
- Risk Solutions
- [Captives](https://tsibinc.com/insurance/risk-solutions/captives/)
- [Claims Services](https://tsibinc.com/insurance/risk-solutions/claims-services/)
- [Insurance Consulting](https://tsibinc.com/insurance/risk-solutions/insurance-consulting/)
- [Risk Management](https://tsibinc.com/insurance/risk-solutions/risk-management/)
- [Safety & Loss Control](https://tsibinc.com/insurance/risk-solutions/safety-loss-control/)
- [Small Contract Bond Program](https://tsibinc.com/insurance/risk-solutions/small-contract-bond-program/)
- [Surety Bonding](https://tsibinc.com/insurance/risk-solutions/surety/)
- Wrap-Ups
- [Co-Broker Partnerships](https://tsibinc.com/wrap-ups/co-broker/)
- [OCIP/CCIP](https://tsibinc.com/wrap-ups/ocip-ccip/)
- [Risk Management Information System](https://tsibinc.com/wrap-ups/risk-management-information-system/)
- [Wrap Administration](https://tsibinc.com/wrap-ups/wrap-administration/)
- [Wrap Claims Services](https://tsibinc.com/wrap-ups/claims-services/)
- [Wrap Risk Management](https://tsibinc.com/wrap-ups/risk-management/)
- [Wrap Safety & Loss Control](https://tsibinc.com/wrap-ups/safety-loss-control/)
- Industries
- [Aviation](https://tsibinc.com/why-tsib/industries/aviation/)
- [Civil Construction & Infrastructure](https://tsibinc.com/why-tsib/industries/civil-construction-infrastructure/)
- [Construction](https://tsibinc.com/why-tsib/industries/construction/)
- [Data Centers](https://tsibinc.com/why-tsib/industries/data-center/)
- [Education](https://tsibinc.com/why-tsib/industries/education/)
- [Industrial & Manufacturing](https://tsibinc.com/why-tsib/industries/industrial-manufacturing/)
- [Life Sciences](https://tsibinc.com/why-tsib/industries/life-sciences/)
- [Public Entity](https://tsibinc.com/why-tsib/industries/public-entity/)
- [Real Estate Developers](https://tsibinc.com/why-tsib/industries/real-estate-developers/)
- [Sports & Entertainment](https://tsibinc.com/why-tsib/industries/sports-entertainment/)
- MWBE Compliance
- Compliance Services
- [Program Consultancy and Owner’s Representative](https://tsibinc.com/mwbe-compliance/services/program-consultancy-and-owners-representative/)
- [Project Compliance and Monitoring](https://tsibinc.com/mwbe-compliance/services/project-compliance-and-monitoring/)
- [Specialty Programs](https://tsibinc.com/mwbe-compliance/services/specialty-programs/)
- [Small Business Capacity Building](https://tsibinc.com/mwbe-compliance/services/small-business-capacity-building/)
- [Software Solutions](https://tsibinc.com/mwbe-compliance/services/software-solutions/)
- Stakeholders/Clients
- [Owners/Agencies](https://tsibinc.com/mwbe-compliance/stakeholders-clients/owners-agencies/)
- [General Contractors and Construction Managers](https://tsibinc.com/mwbe-compliance/stakeholders-clients/general-contractors-and-construction-managers/)
- [Trade Partners](https://tsibinc.com/mwbe-compliance/stakeholders-clients/trade-partners/)
- [Diverse Businesses](https://tsibinc.com/mwbe-compliance/stakeholders-clients/diverse-businesses/)
- [Workforce](https://tsibinc.com/mwbe-compliance/stakeholders-clients/workforce/)
- Training
- [Federal/State/Local Private Requirements](https://tsibinc.com/mwbe-compliance/training/federal-state-local-private-requirements/)
- [Fraud Monitoring and Mitigation](https://tsibinc.com/mwbe-compliance/training/fraud-monitoring-and-mitigation/)
- [Insurance/Bonding/Capital](https://tsibinc.com/mwbe-compliance/training/insurance-bonding-capital/)
- Opportunities
- [Business Enterprise Questionnaire](https://tsibinc.com/mwbe-compliance/opportunities/business-enterprise-questionnaire/)
- [Out of Work List](https://tsibinc.com/mwbe-compliance/opportunities/out-of-work-list/)
- [MWBE Support & Services](https://tsibinc.com/mwbe-compliance/opportunities/mwbe-support-services/)
- Why TSIB
- [Our Difference](https://tsibinc.com/why-tsib/our-difference/)
- [Meet the Team](https://tsibinc.com/why-tsib/meet-our-team/)
- [Careers](https://tsibinc.com/why-tsib/careers/)
- [Blog](https://blog.tsibinc.com/)
This is a search field with an auto-suggest feature attached.
- There are no suggestions because the search field is empty.
# Knowledge Corner
August 2, 2022
## Writing an incident Report - Step 1: Facts
- [Tweet](https://twitter.com/share)
Surety bonds are instruments that have been around for well over 100 years, in fact Suretyship, or guarantees, have been around for centuries. While Surety is classified as a form of insurance because of capital requirements, it is treated more like a banking instrument since a contractor must qualify for a “surety credit”.
Unlike insurance, which is a two-party agreement that anticipates a loss, surety is a three-party agreement where theoretically, no loss is anticipated, and bonds are intended to prevent loss.
Public Work History
Surety bonds were first mandated on Public Works projects through enacting the Heard Act of 1894 which applied to Federal projects. This was later supplanted by the Miller Act of 1935 and the implementation of the [“Little Miller Acts”](https://www.irmi.com/term/insurance-definitions/little-miller-acts) for state and local government agencies where bonding thresholds vary from state to state.
Surety Bond Benefits
The benefits of surety bonds are that they provide prequalified and capable contractors to:
- Perform the work
- Reduce the risks of potential liens
- Ultimately protects taxpayer dollars earmarked for the project
Performance & Payment Bonds
Performance bonds guarantee the satisfactory [performance](https://blog.tsibinc.com/a-general-guide-to-surety-bonds) of contract obligations. A payment bond guarantees that subcontractors, laborers, and suppliers will be paid for their work.
The surety arrangement is a specific contract, where the surety guarantees the performance of work and the principal’s (the general contractor) payment to subcontractors and suppliers for the benefit of the obligee (the owner of the project).
Default
If there is a [default](https://blog.tsibinc.com/factors-sureties-review-when-deciding-to-retain-a-defaulted-contractor) under the contract, the surety company is required to step in and fulfill any of the contractual obligations. As a result, the surety is entitled to full restitution through the terms & conditions of an indemnity agreement with the principal, making the surety whole for any losses sustained.
If you are looking for more information about surety bonds and what you need to do it obtain one, [reach out to TSIB](https://tsibinc.com/contact-us/) and speak with one of our Surety experts.
[](https://cta-redirect.hubspot.com/cta/redirect/3391365/591850b7-a551-482d-881c-60ced06aef0d)
TSIB’s Risk Consultants are currently servicing the following locations:
East Coast: New York City, NY; [Bergen County, NJ](https://tsibinc.com/contact-us/new-jersey/); [Fairfield County, CT](https://tsibinc.com/contact-us/connecticut/); [Philadelphia, PA](https://tsibinc.com/contact-us/philadelphia/)
Texas: [Austin](https://tsibinc.com/contact-us/texas/), San Antonio, Houston, Dallas
California: [Orange County](https://tsibinc.com/contact-us/santa-ana-california/), [Los Angeles County](https://tsibinc.com/contact-us/valencia-california/), Riverside County, San Bernardino County, [San Diego County](https://tsibinc.com/contact-us/san-diego-california/)
Image credit: Bannafarsai/Shutterstock
Topics: [Surety Bonding](https://blog.tsibinc.com/topic/surety-bonding)
Written by [The TSIB Team](https://blog.tsibinc.com/author/the-tsib-team)
All Authors and TSIB
### Comments
Comment Cancel
[Back to Blog](https://blog.tsibinc.com/)
## Sign-up for TSIB’s weekly Blog
[Sign Up](https://tsibinc.com/blog-sign-up)
[](https://tsibinc.com)
**Join our dynamic team!**
At TSIB, we are Committed to our Clients and to our workforce.
[Learn more](https://tsibinc.com/careers/)
###### Client support
**Insurance:**
[(201) 267-7500](tel:2012677500)
**Wrap-Ups:**
[(203) 945-1780](tel:2039451780)
**Surety:**
[(201) 267-7500](tel:2012677500)
**Employee Benefits:**
[(213) 369-4496](tel:2133694496)
[View All Contacts](https://tsibinc.com/contact-us/)
###### Recent Blog
- [Construction Insurance: Why a Coordinated Risk Strategy Matters](https://blog.tsibinc.com/construction-insurance-why-a-coordinated-risk-strategy-matters)
- [3 Pillars that Build a Safety Culture](https://blog.tsibinc.com/3-pillars-that-build-a-safety-culture)
- [The Human Side of Construction Safety](https://blog.tsibinc.com/the-human-side-of-construction-safety)
- [How to Manage Heat Safety on Construction Jobsites](https://blog.tsibinc.com/how-to-manage-heat-safety-on-construction-jobsites)
Blog Sign-Up
[Sign up today](https://tsibinc.com/blog-sign-up)
###### Connect with us
-
-
-
-
-
[](https://www.insurancejournal.com/top-100-insurance-agencies/)
The material on the website is for informational purposes only. It should not be construed as legal advice and is recommended you contact your attorney for legal advice.
Copyright © 2026 by Turner Surety & Insurance Brokerage, Inc.
- [Locations](https://tsibinc.com/contact-us/)
- [Terms of Use](https://tsibinc.com/terms-of-use/)
- [Privacy Policy](https://tsibinc.com/privacy-policy/)
```json
{
"@context" : "https://schema.org",
"@type" : "BlogPosting",
"author" : {
"@type" : "Person",
"name" : "The TSIB Team",
"url" : "https://blog.tsibinc.com/author/the-tsib-team"
},
"dateModified" : "2025-01-21T22:24:01.205Z",
"datePublished" : "2022-08-09T17:45:00.000Z",
"headline" : "Writing an incident Report - Step 1: Facts",
"image" : [ "https://blog.tsibinc.com/hubfs/shutterstock_1216012684.png" ],
"mainEntityOfPage" : {
"@id" : "https://blog.tsibinc.com/writing-an-incident-report-step-1-facts",
"@type" : "WebPage"
},
"publisher" : {
"@type" : "Organization",
"logo" : {
"@type" : "ImageObject",
"url" : "https://blog.tsibinc.com/hubfs/turner-surety-and-insurance-brokerage-r-logo2x.png"
},
"name" : "TSIB"
}
}
```