Contractor Surety

A surety bond is a contract between three parties – the principal, the surety and the obligee – in which the surety financially guarantees to an obligee that the principal will act in accordance with the terms of the established bond.

Maintaining a solid surety program is vital to your contractor’s operations. Given the current state of the market, it is important for the Contractor, the Contractor’s Representative (Broker) and the Surety underwriter to form a solid relationship so that all parties are able to positively react to the changes in the business environment.

TSIB’s Surety Division works collaboratively with owners in order to best determine their bonding needs. From general contractors to subcontractors, we review a company’s size, industry, field of expertise, financial picture, and credit risk in order to help match their objectives with a network of professional, experienced sureties.

Our Experience Includes:

  • Bid Bonds
  • Performance Bonds
  • Labor & Material Payment Bonds
  • Discharge of Mechanic’s Lien Bonds
  • Subcontract Performance Bonds
  • Subdivision Bonds
  • Maintenance Bonds
  • Supply Bonds
  • Contractor License & Permit Bonds
  • Advance Payment Bonds
  • Retention Payment Bonds
  • Maintenance Bonds
  • Appeal Bonds

Features:

  • Lien Bonds Policy Term: Bond Terms are project specific.
  • Limits of Liability: Surety Bonds are written on a project specific basis. However, they are subject to the bonding capacity of the principal (contractor, performing the work).
  • Premium: Premiums vary depending on type of bond, bonding capacity of the principal, project duration and are expressed as a percentage of construction value.

Pricing Example for the Most Common Contract Bonds

Bid Bonds No cost.
Performance Bonds We have competitive rates and programs. Please contact us to learn more.
Payment Bonds Typically included in the cost of the Performance Bonds.

Our professional staff provides direct access to the top surety underwriters in the industry, providing contract review and maintaining on-going support for all your bonding needs. We also have vast experience handling co-surety and joint venture projects.

For More Information:

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As one of the leading privately held surety brokers in the U.S., we have access to more surety markets than most brokers to ensure you are placed with a surety company that meets your needs.

Contact a TSIB Surety Expert Today

NJ – (201) 267-7500
CA – (714)  955 4011