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Woodstock, GA #1 Contractor Surety Bonds
Who Needs Contractors Insurance?
How do surety bonds work?
Surety bonds guarantee that specific tasks are fulfilled. It’s achieved by bringing the three parties together in a mutual, legally binding contract. The requirements of the bond and ordinance must be understood before the bond is written and signed. Depending upon the type of obligation, supporting documentation such as signature identities, financial statements, and other supplemental information may be required.
- The principal represents the business that purchases the bond to guarantee work performance.
- The obligee is the entity that requires the bond.
- The surety is the insurance company that backs it.
The obligee can make a claim to recover losses, if the principal fails to fulfill the task. If the claim is valid, the insurance company will pay reparations that cannot exceed the bonded amount.
Protect the Strength of your Business, Get the Right Bond at the Right Price.
Why do I need a contract surety bond for my business?
As a general contractor, you will most likely need a contractor surety bond to post a license or permit bond to guarantee your work for licensing requirements with municipalities. Construction surety is a very specialized niche in which few agencies have the expertise we do and can offer the benefits we have. We work with over 30 different surety markets ranging from quick bond programs to large surety bond programs.
Typically, quick bond programs only require a one to two page application and are largely based upon the personal credit of the business owner(s). These bonds have a 24-hour turnaround time and can accommodate contract amounts of up to $500,000.
For construction companies with on-going performance and payment bond needs of over $500,000, we work with industry leading surety carriers that can handle bond programs to cover from $500,000 to $500,000,000+. At Founders Insurance Group, we work closely with our client and their CPA to compile detailed bond submissions to help our them grow and expand their bond capabilities.
Founders Insurance Group has a dedicated surety bond department with over 85 years in combined experience in the surety industry. Contact us today for more information.
Please contact Founders Insurance Group
if you would like to discuss your insurance needs.