There are hundreds of types of bonds…probably even thousands. And in the contract world, in which the bonds guaranty a specific contract with specific obligations, there are surety companies with different appetites. Some of the bonds include bid bonds, performance and payment bonds, and warranty bonds. Sometimes the challenge lies in working with an agent that understands the surety marketplace. That is, they know which surety to send a specific bond request to ensure the best possible fit. For this blog we’ll just focus on contractors that operate in the public works arena. Here are just a few of the considerations a surety professional makes when faced with a new bond request or new potential client:
These are just some of the considerations but as you can see, it’s important to work with agent that has several surety appointments. At Surety1 we are appointed with over 20 surety markets so when we get a submission, there is always at least 3 or 4 that fits your business. This ensures the best possible rate, terms, and service for your bonding needs. If you have any bond needs or questions we are hear to assist.