UNSPSC 64122400: Surety bonds

Surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a commercial contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation.

UNSPSC 64122400 Surety bonds is a Class code that covers the procurement of insurance brokerage and market-assignment services for property and liability risk coverage by state and local educational and governmental entities. State and local governments buy these services primarily through school districts and county agencies seeking comprehensive insurance renewal, with work centered on competitive RFP processes that engage insurance brokers and agents to secure coverage across multiple insurance markets. The procurement involves proposal analysis, market assignment oversight, and multi-year contract administration, with issuing bodies typically contracting with insurance consulting firms to manage the competitive bid process and coordinate placement across carriers.

Clarke County School District in Georgia posted RFP #26-0504 in February 2026 for property and liability insurance renewal effective July 1, 2026, with a five-year contract term subject to market conditions. The RFP follows a two-stage submission process: brokers and agents submit requested insurance markets in priority order by February 27, 2026, after which McNeary Consulting Services assigns markets and releases full RFP specifications on March 5, 2026, with complete proposals due May 4, 2026. The market assignment process is designed to ensure each participant receives at least one of their top three requested markets while considering brokerage volume with specific insurance carriers. No set-aside designations, respondent restrictions, or disadvantaged enterprise requirements are specified in the notice.