BOND FAQ’S

BONDING FAQ’S

Have bonding questions? 

We’ve got answers. 

Our agents will consult with the client to determine a solution that will best meet their current and future bond needs.

From that consultation we will be requesting specific application information and/or financial information and company history needed to establish a bond line that meets their goals.

We can set you up with a new surety relationship in a little as 2 days from the time that we have gathered all of our underwriting information and met with you. After your account is established, all of our bond requests are executed the same day that we receive them, and sent via overnight carrier to your office.

At Shorewest Surety Services, Inc., there are no bid bond, overnight mail or annual underwriting fees.

The premium rate depends on the financial strength of the contractor, the type of bond and the duration of the contract.

The GIA is an agreement whereby the contractor promises to indemnify the surety for any claims paid out on behalf of the contractor.

By this agreement, the contractor allows the surety to recover any bond claims paid out by the surety. Bonding is a form of credit and not insurance.The surety will require personal indemnity of the owners, including spouses, in addition to corporate indemnity by the contractor’s company.

This agreement provides assurance that the surety can recover bond claim losses first from the contractor’s company, then if necessary from their personal assets, while eliminating or minimizing legal challenges. In rare cases of significant personal net worth, portions or even all of the personal indemnity of the contractor is waived at the sole discretion of the surety.