FAQ

Q: What is a Surety Bond?

A: Surety Bond is a financial guarantee that provides financial security, in the event of a default, for the party that is hiring an entity to complete a job. To read more on What Surety Bonds are, click here.

Q: What do I get bonded?

A: Please read our step by step guide that tells you everything you need to know to get started.

Q: How Long Does It Take To Get A Surety Bond issued?

A: We can issue some bonds in under 30 minutes in house. To learn more click here.

Q: Do Construction Bonds Expire?female architect and construction worker shaking hands. Low angle view, copy space

A: Depends on your contract requirements. We can extend your bond coverage if need be. To read more about when bonds expire or how to renew existing bonds, click here.

Q: What is the difference between Construction Bonds and Contractor’s Insurance?

A: Bonds are meant to protect the obligee and the principal when a project is awarded. On the other hand, contractor’s insurance provides coverage to the contractor from liability that can arise as a result of his operations. Read more on Bonds vs Insurance.

Q: Why do I need Surety Bonds?

A: Not only do bonds save you cash flow, there are also requires by certain industries and job types. Click here to read more.

Q: Why requires these bonds?

A: These bonds are fairly common in the construction industry. Saying that, go here to see more professions that use bonds as a security.

Q: What should I look for in a broker?

A: Your broker matters. Always make sure you are dealing with a profession who knows their products. Find our tips on finding a broker here.

Q: Who can qualify for this program?

A: We accept all contractors!

Q: Does my credit score matter?

A: It does matter! But we can qualify you with a non standard market if need be. To read about how credit score matters with bonding, go here.

Q: Any limitations on the bonded contracts you receive? 

A: There are no limitations!

Q: High Risk jobs? Environmental, Recycling, Waste removal?

A: Not a problem!

Q: Is there a cost to use the Surety facility?

A: No, the cost is included in the cost of the bond.

Q: What is the cost of a construction or labour bond?

A: You are looking at 1% – 2 1/2% of the total cost of the job. For a quick guide on cost alone, visit this page. To read on how you can get the cheapest rates, click here.

Q: I subcontract all my work – Is the okay?

A: Not a problem!

Contractor Bond Insurance quote