INSURANCE NERDS
BLOG
Why do I need a Surety Bond?
For Commercial & Construction Lines
Surety Bonds provide financial security and assurance that contractors will perform the work and pay subcontractors, employees, and suppliers.
It is a risk transfer mechanism where the Surety Company assures the Obligee (Owner) that the Principal (Contractor), will perform the contract in accordance with the contract documents.
Fulcro’s approach to secure & maintain a Bonding Line of Credit includes:
- Client Qualification with the Surety
- Financial Statement Analysis(Personal & Corporate)
- Operational Reviews
- Risk Assessment
Fulcro’s insurance specialists are committed to helping you understand how bonds work and why you may need one in your specific industry. Our approach to help you get, maintain, or expand your bonding capacity (line of credit), is uniquely positioned not only to place Bid, Performance and/or Payment bonds but also to help you accomplish all of your surety requirements.
*Please note that the availability of this service is subject to the insurance companyʼs underwriting guidelines and thus, may not be available to all industries.
Contact one of our insurance specialists for a free consultation.