The construction industry is the major user of contract surety bonds. They are required on most government projects and are frequently specified in the private commercial and industrial sectors.
Contract surety bonds, through the surety company’s strength and rigorous pre-qualification procedures, provide security to owners, sub-contractors and others that a contractor will transform plans and specifications into a timely, successful and complete construction project.
In the construction industry, the surety is usually referred to as the bonding company or surety company. The obligee is usually the owner but also may be a general contractor or a major sub-trade contractor. The principal is usually a contractor.
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| The Guarantee Company of North America |
www.gcna.com |
Regional offices across Canada:
- Toronto (Head Office)
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In business since 1872, The Guarantee is a Canadian owned Specialty Insurer and offers the following products:
- Contract Surety
- Commercial Surety
- Developer Surety
- Directors & Officers Liability Insurance
- Crime – 3D / Financial Institution Bonds
- Credit Insurance
- Guarantee GOLD® (high-value home & auto)
- Guarantee SUPERIOR
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For the thousands of construction firms tendering contracts for government or other “obligees”, a contract surety facility is a necessary part of the company’s business. Most often, all tendering firms are required to provide bid security in the form of a Bid Bond and/or a Surety’s Consent in order to submit a tender for the work. The successful bidder is then required to furnish contract security in the form of a Performance Bond, and in most cases, a Labour & Material Payment Bond.
A Canadian company, The Guarantee is the largest writer of these and other Contract Surety bonds in Canada. We are known for our expertise, responsiveness, stable underwriting, financial strength and competitive terms. Our professional staff serve brokers and their clients from seven surety branches across Canada and The Guarantee Company of North America USA operates from twenty surety branches throughout the United States.
The Guarantee distributes all its products, including Contract Surety bonds, exclusively through independent brokers. To find a broker in your area email findabroker@gcna.com.
This ad contains general information and is not part of the policy. The terms of the insurance contract apply in all circumstances.
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