Surety Bonds for Construction

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HWI / Business Insurance / Surety Bonds for Construction

Construction Surety Bonds in Saskatchewan

Secure your next project with confidence. From bid bonds to performance and maintenance bonds, we provide Saskatchewan contractors with the bonding capacity needed to compete and win in the local construction industry.

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Types of Contract Surety Bonds

Options for Surety Bonds for Construction include:

Contract Surety Bonds

Bid Bonds & Agreements to Bond

Crucial for the tendering process, a Bid Bond provides financial assurance to the owner that you will enter the contract if awarded. We also provide Consents of Surety (Agreements to Bond), confirming that the required final bonds will be issued upon contract execution.

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Performance and Labour & Material Bonds

Often referred to as Final Construction Bonds, these are issued once a contract is awarded. A Performance Bond guarantees the work is completed as specified, while a Labour and Material Payment Bond ensures subcontractors and suppliers are paid, keeping the project free of liens.

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Maintenance Bonds

These provide a guarantee against defects in workmanship or materials for a specific period after project completion (usually 12 to 24 months), giving project owners long-term peace of mind.

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BUSINESS INSURANCE

Complete Protection for Contractors

A bond gets you on the job site, but the right insurance keeps you there. We provide tailored Contractor Insurance packages that cover:

  • Commercial General Liability: Protection against third-party property damage or bodily injury.
  • Tools & Equipment: Coverage for your gear, whether it’s in the shop, on the trailer, or at the job site.
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Contract Bond Facility Application Requirements

  • A completed Contractor’s Questionnaire (or equivalent).
  • Business Profile: Ownership details or corporate org chart, resumes of key employees, and business plans (if available).
  • Year-End Financials: Professionally prepared Review Engagement statements for the three most recent fiscal years. (Include an in-house interim statement if the last fiscal year ended over 6 months ago.)
  • Aged Schedules: Detailed accounts receivable and accounts payable that support your balance sheet figures.
  • A completed Work-on-Hand Schedule. The report must support the deferred revenue/WIP figures on your balance sheet.
  • Personal Net Worth Statements: Current statements for all shareholders (bank-provided copies are acceptable).
  • Affiliated Companies: Ownership breakdown and most recent year-end financials for any affiliates.
  • Project History: Details of the 5 largest contracts completed in the last 10 years (description, location, value, and a reference contact).
  • Bank Support: Your bank line of credit commitment or “terms and conditions” letter.

Ready to proceed?

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Expertise You Can Trust

Proudly Partnering with Western Surety

Western Surety Logo

Western Surety has been a trusted name in the industry since 1909. With over a century of commitment to excellence, they have built a reputation for providing exceptional service and tailored bonding solutions for Saskatchewan businesses.

Their experienced team works alongside us to identify your unique needs and deliver the right surety products. When you choose this partnership, you are choosing a team that values your time and understands the local construction landscape.

Why Western Surety?

  • A century-long track record of reliability
  • Expertise in identifying unique project risks
  • Efficient service dedicated to your business growth

Ready to Get Started?

Contact our team for a surety bond quote or to discuss your coverage needs.

Call 306.757.1633

Frequently Asked Questions:

Why is Surety Bond and Liability insurance growth so high in Saskatchewan?

Saskatchewan’s insurance industry is currently at a crossroads, reshaped by shifting consumer expectations and rapid technological advancements. This has led to massive growth in specific sectors; notably, both Surety bonds and Commercial General Liability (CGL) saw a substantial revenue increase of 34.4% in 2024. This trend reflects a rising demand for financial guarantees in the province’s construction and commercial sectors. 2025 Statistical Guide – Canadian Underwriter.

Who are the top underwriters for Surety bonds in Saskatchewan?

The local surety market is competitive, with Western Surety Company leading as a top performer with a 17.8% market share. Other major players providing bonding capacity in the province include Lloyd’s Underwriters, Intact Financial Group, and Travellers Group. 2025 Statistical Guide – Canadian Underwriter.

What is the difference between a surety bond and traditional business insurance?

Unlike insurance, which is a two-party agreement for financial protection, a surety bond is a three-party agreement focused on performance risk. It guarantees to an “obligee” (the project owner) that a “principal” (the contractor) will fulfill their contractual duties.

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