Ontario Surety Bonds
If you are wondering what exactly a surety bond is and what kind of protection it can provide for you, you’ve come to the right place! Let the professionals at St Andrews Insurance Brokers explain what surety bonds are and why they are so important for your business. A surety bond is essentially a promise to pay one party (called the “Obligee”) a certain amount if a second party (called the Principal) has failed to meet their obligations. A third party ( “the Surety”) will provide a guarantee to the “Obligee” in case the Principal fails to meet those contractual obligations on their own.
There are many types of Surety Bonds , but the most common are contract surety bonds used in the construction industry. Many, if not most Government projects (federal, provincial and municipal) requires that the successful bidder or contractor, provides the Government with a Performance Bond and or a Labour and Material Payment Bond. This bonding process ensures that many public projects funded by our tax dollars are guaranteed by a Surety Company with sound financial capabilities.
St. Andrews Insurance Brokers is a leading provider of Ontario Surety Bonds and can help your company with all its bonding requirements. Surety bonds can be a confusing and complicated for both the novice and experienced Contractor. St. Andrews Insurance will be able to explain and assist your business in maintaining an efficient and effective surety bond facility.
Guidance From The Experienced Brokers At St. Andrews Insurance Brokers
There are a lot of different surety bonds out there, besides those used in the construction industry so it is important that you seek information from an experienced broker who will guide you through the entire process and explain the difference between each one of them. This way, you can make a decision much quicker with the right kind of information. St. Andrews experienced brokers have worked with a lot of clients in the past and we understand your needs. It is important that you understand the difference between the different types of surety bonds and a we can explain all those differences. It is important that you settle on an insurance broker that will cover your specific business’s bonding requirements.
Why Use St. Andrews Insurance Brokers for your Surety Application
- Why Use St. Andrews Insurance Brokers for your Surety Application
- Qualified Surety Experts on staff with both Surety Underwriting and Surety Brokerage experience.
- Over 40 years of handling Bonding for Contractors of all types and sizes.
- Bonds are issued in house.
- Our Specialist will carefully examine and underwrite your application prior to it being submitted to the Surety, so that the approval process will be faster and hassle-free.
- One stop Brokerage- We also handle all of your other Construction Insurance needs so that you don’t need to deal with multiple offices.
St. Andrews Insurance Brokers pride ourselves on providing the best services for our clients. We will guide you through the entire process of obtaining surety bonds for your business and we will provide all the information you need in order to make a wise decision. We are always willing to help you in any way we can and we even offer free quotes. With a free quote, you are able to do the math for yourself and see how surety bonds will benefit your business. The quote comes with no obligation so there is no risk involved. This gives no reason to hesitate so why don’t you get yourself a free quote right away! –