Protect your reputation and secure your projects with Construction Surety Bonds.
Construction Surety Bonds assure clients that you will fulfill your contractual obligations, giving them peace of mind and helping you win more projects.
Click on one of the below topics to unpack information on Surety Bonds:
A surety bond is not the same as insurance. It is a form of credit extension a bonding company offers a contractor that involves three parties:
1. Obligee: The obligee receives a guarantee from the surety that the principal will fulfill their obligation or perform as promised.
2. Principal: The surety guarantees the principal’s obligation or performance.
3. Surety: The surety guarantees the obligee that the principal will fulfill their obligation or perform as required by the contract, permit, or law.
In the realm of commercial surety bonds, numerous categories exist, including:
- license and permit bonds
- customs and excise bonds
- court and fiduciary bonds
- lost document bonds
- financial guarantee bonds
A contract bond serves three primary purposes:
1. It assures the project owner (the Obligee) that the contractor operates in good faith.
2. It evaluates your eligibility for a contract, acting as a pre-qualification tool.
3. It minimizes the impact on your assets and bank credit.
To be eligible for a bond, insurers assess your ability to fulfill the required tasks by evaluating several factors. For example:
– Proficiency and expertise in the field
– Financial capability to finish ongoing projects and the proposed undertaking
– Past performance in timely bill payments and successful completion of similar projects.
Additional criteria may involve inquiries related to the nature of the work, project location, required coverage, and completion date.
Get a customizable health insurance plan that helps replace or fill the gaps in your provincial or workplace benefits, whether you’re looking for individual or family health insurance that best meets your needs. A Basic Plan Includes:
- Accidental Dental
- Ambulance
- Diabetic Supplies
- Health Practitioners
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Life insurance provides a crucial safety net, ensuring your family can maintain their financial stability and cover expenses like mortgage payments, outstanding debts, and future education costs even in your absence.
Get a free quote today and discover how our Life Insurance solutions can provide complete peace of mind for your family.
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We are proud to Partner with Western Surety.
Western Surety has been a trusted name in the surety industry since 1909. With a century-long commitment to excellence, they’ve built a reputation for providing exceptional service and tailored solutions.
Their experienced team is dedicated to identifying your unique needs and delivering the right surety products and services. When you choose Western Surety, you’re choosing a company that values your time and business.
- We require a copy of the latest accountant-prepared financial statement.
- The latest copy of in-house income and a balance sheet with the same date aged listing of accounts payable and accounts receivable.
- A completed contractor’s questionnaire.
- Completed work on hard reports matching the latest in-house statements.
Protect your assets and reputation with Contractor insurance.
As a contractor, your tools, equipment, and business are essential to success. Don’t leave them vulnerable to loss or damage. With our comprehensive insurance coverage, you can protect your valuable assets and maintain a strong reputation in the construction industry.
Trust is crucial when booking new projects, and our insurance will ensure that the obligations outlined in your contracts will be met.
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