Nearly all federal, state and local government agencies, as well as many private owners, require contract bonds. With growing frequency, prime contractors are also requiring their subcontractors to furnish contract bonds. As a result, surety agents and producers are experiencing an increased demand for all types of contract bounds including bid, performance and payment bonds.
Our knowledgeable underwriters are skilled at handling all contract bond requests. Our flexible underwriting approach allows us to meet the diverse needs of all types of contractor and subcontractor accounts. By developing a relationship with the surety producer and contractor, we are able to assist in the development of emerging accounts, as well as support the larger and long-term needs of established firms.
This business has been built upon long-term surety producer and contractor relationships, which is a reflection of the commitment found in our dedicated staff of underwriting professionals. With decades of continual growth and success, our "staying power" makes us the most reliable surety in the industry.
Contract bond types
Bid bond: Provides the owner or general contractor prequalification and financial assurance that the bid has been submitted in good faith and the contractor intends to enter into the contract at the price submitted and provide the required performance and payment bonds.
Performance bond: Protects the owner or general contractor from financial loss should the contractor fail to perform the contract for the quoted price in accordance with its terms and conditions.
Payment bond: Provides protection to the owner or general contractor that the contractor will pay their subcontractors, laborers and material suppliers associated with the project and deliver a lien-free project.
Contract Surety Bond Program Parameters
Our expanded contract surety program parameters are able to support small and emerging contractors, as well as large middle market contract accounts. We are capable of supporting projects in the $25 million single range with aggregate surety programs in the $50 million range. This broad range of support ensures the contractor client will not outgrow their surety partner and allows for a long-term, stable surety relationship.
Xpress Contract Program
For infrequent users of surety credit, or smaller contractor clients, we have developed a streamlined credit based surety program that is simple and easy to use.
For bonded projects $300,000 and under with an aggregate limit of $400,000: We offer an Xpress one-page online application with same day issuance upon underwriting approval.
Xpress Plus Contract Program
Similar to our Xpress Contract program, it allows for enhanced program parameters.
Contracts up to $1,000,000 with a simplified online application and supporting documentation.
Whether you are a principal, owner, public entity or producer, we provide the ability to be confident with our bond product offerings. To ensure your bond is authentic, submit a bond verification request by clicking here.