Surety Bond Insurance
Contractors and developers need bonds when taking on projects in the case of issues with design or suppliers. In fact, the construction industry makes up a big part of the surety bond market as contract bonds create approximately two-thirds of total surety premium written. The bond company is essentially promising that you will follow the rules listed on the bond and will not cause financial damage.
WHO NEEDS THE BOND?
Bonds are different from insurance and involves three parties – the principal (individual, business or contractor that purchases the bond), the obligee (the entity that requires the bond, which is typically government agencies) and the surety (the insurance company that guarantees the obligation is met).
SERVICE THAT GOES BEYOND QUALITY COVERAGE
You'll enjoy the support of a dedicated Blue Rock Insurance Services broker who can answer your questions and help you quickly and easily select a type of surety bond:
Understand the types of surety bonds that apply to you and your business
Ensure the choice you make is priced fairly and assist you with the underwriting process before they are distributed
Boost your confidence to develop and run your project smoothly and successfully
Did You Know?
A surety is not a bank guarantee; the surety is liable for any performance risk posed by the principle whereas the bank guarantee is liable for the financial risk of the contracted project
Surety bonds may seem complicated but they are an essential part of safe business operations