Newfoundland Surety Bonding Insurance
Bonding & Surety is not your typical insurance. In reality it is not insurance at all, it is a guarantee. Bonding & Surety involves a promise by the guarantor/insurance company to assume responsibility for the obligation of the principal, if that principal defaults.
In case of default, the guarantor will be called upon to complete the project on behalf of the principal.
Although bonding & surety is utilized in a variety of industries, the construction trade is generally the primary user of this facility. Crosbie Job Insurance Ltd deals with contractors of all sizes. It doesn't matter if you are an emerging construction company or a well-established firm, you require a broker who specializes in the construction industry and in surety bonding. We will work with you to get your first surety bond, to provide exceptional customer service and/or to improve your surety capacity and facility terms.
Bonding & Surety - Who Needs It?
We will help you meet your goal of growing your business by establishing a new surety facility.
Sometimes a surety bond is required for a project and sometimes it is not. Prior to beginning a job, the owner of the project may require a contractor to provide a surety bond.
Professionals that may benefit from bonds include:
- Building contractors and construction companies
- Travel agencies
- Environment sites
- Health clubs
- Transportation companies
- Auto dealers
- Medical equipment providers
- Collection agencies notaries
Surety is a financial guarantee that the job will get done. In the ever-changing environment that we live in today, you may encounter customers that require you to provide a contract surety bond or a commercial security bond.
The Benefits of Surety
There is a number of different ways that both parties will benefit from surety bonds. The principal that obtains the bond before beginning work with a new project owner exhibits financial stability and business integrity. Additionally, if you have bonding in place it will generally improve your cash flow. In order to acquire a surety bond, you must submit an application and meet the insurer's standards. Therefore, obtaining a surety bond from a top provider displays business strength.
For the owner of the project, a surety bond can be a life line. Even if a horrible tragedy takes place that keeps the principal from following through with a contract, the project can still be finished. When you work with a principal that has a surety bond, there is peace of mind that comes with the knowledge that no matter what happens, the job is going to be done.
At Crosbie Job Insurance Ltd, we have access to a full suite of surety bonds that provide protection from start to finish, such as:
- Agreement to bond letters
- Bid bonds
- Performance bonds
- Labour and material bonds
- Maintenance, supply and lien bonds
- We also have access to a wide range of miscellaneous bonds, which include:
- License and permit bonds
- Customs and excise bonds
- Lost document bonds
- Fiduciary bonds
- Contract bonds
- Miscellaneous surety bonds
Our experienced brokers will customize coverage to meet your exact needs. Whether you need a surety bond for a single project or a number of jobs, we will compare a variety of coverage options to make certain you have the one that is right for you.
Contract Surety Bonds
Bonding is quite often required by government, private and institutional organizations. Contract surety bonds provide a guarantee that projects will be completed successfully and by the specified deadline. They are commonly used in the construction industry to ensure that contractors fulfill their obligations to the project owners.
Our contract surety bonds include:
- Bid/Tender Bond - Pre-qualifies contractors and provides security to the project owner that the contractor will enter into a contract if their bid is chosen
- Surety's Consent/Agreement To Bond - Often used with a Bid Bond, an Agreement To Bond promises that the guarantee will issue the final bonds to the contractor if their bid wins
- Performance Bond - Provides assurance that the contract will be fulfilled according to all terms and conditions
- Labour and Material Payment Bond - Ensures that subcontractors and suppliers will receive full payment for their goods and services
- Maintenance Bond - Provides for the maintenance and repair of a completed project over a contractually defined period of time
- Lien Bond/Release of Lien Bond - Guarantees that the contractor will pay all court-ordered claims to suppliers and subcontractors
Newfoundland Bonding & Surety Experts
With Crosbie Job Insurance Ltd, you benefit from access to experienced underwriters who specialize in providing contract and commercial surety bonds in Newfoundland. You can rely on us to create a surety facility that is right for you.
We take the time to understand your business. Whether you are a project manager, general contractor, supplier or manufacturer, you will get a customized approach that is based on the specific needs of your business.
It does not matter if your business is involved with construction or any other industry that requires bonding, you can trust us to create the surety facility that is right for you. Fill out our Protection Quote Forms and let our professionals at Crosbie Job Insurance Ltd forge a protective shield for you. We've Got You Covered!