What Sets a Great Surety Company Apart from the Rest

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The confusion between surety companies and insurance agencies is common. While they have their similarities, there are distinct differences between the two, such as their structure, their timelines, and their terms and conditions. Surety bonds are most common in the manufacturing and construction industries.As a requirement, the contractor must find a surety company to issue them a surety bond that will protect the project owner if the contractor does not fulfil their terms of the contract. Continue reading What Sets a Great Surety Company Apart from the Rest

Why Are Surety Bonds So Important?

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In Florida, a surety bond is required for most contractors to begin working on a project.Surety bonds protect project owners if a contractor does not complete their project according to the terms of their contract.By securing a surety bond, a contractor is able to bid on projects and the project owner is reassured that they will have financial protection. If there is any issue with the project or if the contractor is unable to fulfil their obligations, the surety company will compensate the project owner for its losses. The contractor is then required to pay the surety company for its loss. Continue reading Why Are Surety Bonds So Important?