Surety Bond Insurance
Simply put, surety bonds hold major service providers to their obligations. Let’s say you’ve hired a contractor who has promised to construct a five-story condominium by a specific date. The surety bond specifies that if construction is delayed longer than a month, your business will receive a $35,000 penalty. Supplies are taking longer than expected to arrive. Workers are facing harsher weather conditions, causing frustrating delays. It’s starting to look like you may get that penalty after all. This is where surety bond insurance can help you.
Surety bond insurance will guarantee the financial obligations of the principal to you, the obligee. At Regal Insurance Brokers we have been providing surety bonds for over 30 years.
Our surety bond insurance experts can offer you bonding services from the leading insurers in Canada. Whether your needs are construction or commercial based, Regal Insurance can assist with all of your surety bond insurance needs.
Surety insurance can benefit businesses like:
- Building contractors
- Environmental sites
- Auto Dealers
- Transportation companies and more.
There are many forms that surety insurance can take including:
Contract bonds guarantee the fulfillment of a contract by a contractor.
Surety insurance that governments require in order for you to operate your business.
Fiduciary bonds guarantee honest estate administration from executors, administrators and guardians.
Miscellaneous Surety Bonds
Miscellaneous surety bonds are those that fall outside standard commercial designations and often support the business needs of private relationships.
Surety Bond Coverage
Surety bond coverage provides peace of mind in financial deals where the stakes are high. A Regal Insurance surety bond coverage quote will take the specific needs of your deal into account and provide you with surety bond coverage with no gaps.
Call Regal Insurance for your surety bond coverage quote today.