Surety Bonds

SURETY BONDS

Bonds For Contractors

 

In general, all surety bonds involve three parties. The surety (in this case, typically the insurance provider), 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, that the surety will reimbursed the owner for any financial issues this creates. Surety bonds can also include guarantees that the contractor will be legally obligated to amend any issues that are their fault that eventuate from their work after the fact.

Contract Bonds For

  • General contractors
  • Subcontractors
  • Service contractors
  • Heavy-equipment contractors
  • Suppliers
  • Manufacturers

Types Of Contract Bonds We Provide

  • Bid Bonds
  • Performance Bonds
  • Labour & Material Payment Bonds
  • Maintenance Bonds
  • Consents of Surety
  • Prequalification Letters

Pre-qualification Letters

 

While not an actual legally-enforceable bond, pre-qualification letters can help you secure jobs. Your surety provides the letter to a prospective employer (owner), assuring them that they vouch for your business and work.

Bid Bonds

 

Bid bonds are designed to protect the owner, assuring them that if you were to secure a contract with them you’d be obligated to finish the work or pay out. However, this does help increase your likelihood of securing jobs.

Maintenance bonds

 

 if applicable, this insurance policy protects you by ensuring the contractor will resolve any defects that may arise (say, for example, to your vehicles) free of charge and, if they don’t, you will be compensated for those defects.

Contractors Surety Bonds

 

As noted above, the key purpose of a contractor’s surety bond is that the owner who contracted you is assured that if you happen to not finish your contracted job, they will be financially reimbursed.

Bonds For Commercial Use

 

Bonds which are required to guarantee fiduciary obligations, governmental legislation, as well as private contractual obligations of the applicant or the Principal under the bond. Bonds sold to companies and individuals in order to satisfy government regulations and court orders, or to replace lost documents such as share certificates. Commercial Surety Products include bonds which respond to federal and/or provincial statutes and regulations. They are usually part of licensing processes and requirements for companies or individuals. Commercial Surety Bonds protect the consumer against fraud, misrepresentation, and compensation of monetary loss and are typically required by federal and/or provincial courts, government bodies, financial institutions, and private corporations.

 

Commercial Surety can be classified in the following categories:

  • Custom & Excise Bonds
  • License and Permit Bonds
  • Fiduciary & Estate Bonds
  • Lost Instrument Bonds
  • Carnet Bonds

Other Types Of Bonds We Provide:

 

  • Fidelity Bonds
  • Canadian Custom Bonds
  • US Custom Bonds
  • Compliance Bonds
  • Brokerage Bonds
  • Home Bonds & More.
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