Find out what a bonding line will do for your business. If you already have a bonding line, is it with the right company or do you know what is available to you? Here is a short list of type of bonds that can be obtained for your business.
- Bid Bond: Ensures the bidder on a contract will enter into the contract and furnish the required payment and performance bonds if awarded the contract.
- Payment Bond: Ensures suppliers and subcontractors are paid for work performed under the contract.
- Performance Bond: Ensures the contract will be completed in accordance with the terms and conditions of the contract.
- Maintenance Bond: Maintenance bonds guarantee against defective materials and workmanship for a specific time period following a project’s completion. If the project is found to be defective during this time, the bond amount can be used to pay for repairs that need to be made as a result
- License or Permit Bonds: Contractors must purchase these bonds before they can receive their contractor’s licenses at the state, county and/or city level. These bonds ensure that contractors follow all applicable licensing laws and regulations.
What is needed for the underwriting process?
- Personal financial status of the business owners/IRS tax forms, etc.
- Company financial status / balance sheet and income statement.
- Bank & credit information
- Schedule of contracts on hand and the stage of completion
- Resumes of key business owners
- A business plan
To get started on your bond line, contact your insurance agent to begin the process. To learn more about Ramey King and how our services can be of benefit to you, give us a call today. You can reach a Ramey King Insurance agent at 800-453-9691 or by filling out the quick and easy form on this page. We look forward to hearing from you!