Please note that this application’s approval
requires an Irrevocable Letter of Credit!
Have you been turned down by other Sureties?
If you, or another Principal owner, has bad credit; your business is less than three yeas old; your financial statements are not CPA prepared; or your contract type is one that is really hard to place (such as asbestos abatement or mined land reclamation) – then this application is for you. Approval for this application is always contingent upon you being able to provide an Irrevocable Letter of Credit (ILOC) or a Cashiers Check for no less than, but not limited to, 25% of the contract amount to be held for the length of the contract in addition to the bond premium.
Because there is processing after the application has been approved, we can usually get your bond quote, including the ILOC amount and bond premium, out to you within 3 business days after your bond application submission. The typical turnaround from bond submission to bond issuance is 10 business days (quote, underwriting and obtaining the ILOC) so please keep this in mind before filling out the application.
Performance Bonds guarantee completion of a job according to the terms of the contract. A payment bond may also be required. The owner of the property, also known as the obligee will be the beneficiary if the contractor does not complete the job.
A bid bond, if it is required, Guarantees the obligee that the winning bidder will execute the contract and provide any of the requested surety bonds, such as performance, payment, supply, and maintenance bond if required.