What are Surety Bonds?
A surety bond is a 3 way contract under which one party (the surety company) guarantees the performance of certain obligations of a second party (the principal/business) to a third party (the obligee / Project owner).
For example, construction contractors may be required provide the Project owner with a bond guaranteeing that they will complete the project by the date specified in the construction contract.
The project owner (obligee) holds the applicable project bonds – Bid Bond, Performance Bond, Labour & Material Payment Bond or Completions bond until the project is fully completed before releasing. If the project is not completed, then the Project owner turns the bond over to the Surety Company, who arranges for the completion of the project. The surety company would then go back to the Contractor to collect back the costs of finishing the project.
Our Business Insurance Brokers handle a wide range of Surety / Contract Bonding requirements as well as Miscellaneous Bonds with a variety of insurers across Canada.
Some of The Surety Products Offered Includes:
- Bid Bonds, Consents of Surety & Pre-qualification Letters
- Performance and Labour & Material Payment Bonds
- Lien Bonds and Release of Hold Back Bonds
- Developer Bonds
Other Miscellaneous Surety Bonds including:
- Canada Customs Bonds
- Consumer Protection – Collection Agencies
- Consumer Protection – Debt Repayment
- Direct Sellers Bonds
- Driver Training Schools
- Excise – Brewers and Spirits / Tobacco
- Foreign Employment Agency
- Home inspectors
- Licensing bonds
- Lost Document Bonds
- Pre-paid Contractor Bonds
- Private Investigator & Security Guards
- Real Estate Agent / Broker Bond
Other Miscellaneous Bonds as requested.