Pre-qualification letters can help you secure jobs. These letters are given to prospective employers to vouch for your business and your work.
Bid bonds protect owners, assuring them that if they secure a contract with you you’d be obligated to finish the work or payout.
Maintenance bonds are insurance policies that ensure the contractor will resolve any defects that may arise, free of charge or you will be compensated.
The key purpose of contractor’s surety bonds is to assure any owner who contracts you that they will be covered financially if you cannot finish the work.
In general, all surety bonds involve three parties. The insurance provider (surety), the contractor (you), and the owner (the business or individual that you will be doing work for). Most surety bonds focus on having the surety guarantee the owner that if you fail to deliver on your contract, the surety will reimburse the owner for any financial losses. Surety bonds can also include guarantees that the contractor will be legally obligated to amend any at-fault issues that eventuate from their work once the job is complete.
At AMC Insurance, we offer contract bonds for:
We provide the following contract bonds for professionals:
Commercial surety bonds are used as a guarantee for fiduciary obligations, governmental legislation, and applicants’ private contractual obligations. Bonds can be sold to companies or individuals to satisfy government regulations or court orders and replace lost share certificates.
Our commercial bonds are part of licensing processes and requirements for companies and specific professionals to protect against consumer fraud and misrepresentation. At AMC Insurance, we offer the following commercial sureties:
We also carry:
Surety bonds require backing from reliable insurance providers to help you secure work. When you come to AMC for your surety bond needs, you can feel confident that we will do all we can to help you get what you need to secure your next job. With AMC, you get the support that is:
Our agents have an extensive professional network that gives us access to the best surety bond rates on the market.
We’re committed to finding you support that’s guaranteed by strong financial backing. We work hard to save you money without sacrificing the quality of your bonds.
At AMC, we understand how much your contractor business means to you. Our bonds protect you financially and give your clients the peace of mind they deserve.
The process of getting a surety bond is straightforward. You must first determine the dollar amount you need. Next, you file an application with our company and discuss your premium cost for the bond. After a premium has been determined, we will give you a copy of the bond agreement, and you will be required to pay your premiums. You will receive a signed copy of the agreement and an original copy of the bond with a Power-of-Attorney from the Surety.
Your surety bond cost is determined by the type of bond you require. Each surety bond has its own unique cost structure. However, bonds typically run between 1% and 15% of the bond’s total value. If you work in an industry with elevated risks, such as construction, you may require a higher bond value.
Again, this heavily depends on the type of bond you need. In some cases, the process can be only a few minutes. More complicated bonds can take several days to attain.
Collateral is not typically required, but this depends on the risks and specific circumstances related to the bond you are requesting.
Because of the nature of surety bonds, it’s rare to have a “claim” against them. Surety companies typically have different options to indemnify the contractor if an issue arises.
Get started today! Our agents are waiting to help you explore your options.
AMC Insurance Acquires All Risk Insurance Agencies Ltd.
Our New office in Downtown Vancouver is located at 206 Davie St, Vancouver, BC V6B 5Z6
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