Surety Bond

Designed specifically for sub-contractors who have entered into a contractual agreement to complete a project. The surety bond ensures the successful performance of the sub-contractor and /or payment for labour and materials to complete the project should the sub-contractor be unable to fulfill their obligations.

A surety bond is a three-party agreement.  The bonding company (surety) undertakes to discharge the contracted obligations of a party (sub-contractor for example) to the obligee (owner/general contractor for example)

Qualifications
Business and Personal Financial Information will be required

Required by law
Not required by law, but may be required to fulfil contractual obligations.

Things that can be covered
Tender Bonds – Bid Bond/Agreement to Bond
Final Bonds – Performance Bonds and/or Labour & Material Payment Bonds

Premiums based on
There are two premium components to Contract Surety:

  1. Once a Bonding facility is in place an Annual Administration Fee is charged.  This fee accounts for all Bid Bonds and/or Agreement to Bond Letters issued during the annual period.
  2. When the contractor is the successful bidder, and final bonds are issued they are rated based on an established rate per $1,000.00 of the final contract price.

GET A QUOTE
If you would prefer to speak with a representative, Josslin would be happy to provide you an estimate on your insurance.  Please contact Todd Aitchison, Derrick MacDonald, Jack Soeder, or Andrew Kirkwood if you have any questions or would like an estimate for your surety bond.

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