Surety Bonds
Surety Bonds Quotes
Better access and understanding of the surety bonds market
There are several hundred surety companies in the US, but the market is mostly dominated by approximately 20 sureties. Within those hundreds, there are lesser known but high-quality specialty and regional sureties that can sometimes offer better rates or terms. The bulk include approximately 150 sureties certified by our government for government contracts.
What matters most to a bond buyer, also known as the principal? Having access to the big 20 and the specialty markets to compare more rates and options.
Insuremart has direct access to
over
100
insurance carriers
Nobody can sell for less, and we work for you.
The big 20 sureties, and the specialty bond markets. Get access right here at Insuremart.
How to find a surety company?
This is an easy one. Insuremart has earned access to arguably the best combination of major and specialized surety companies. With rates ranging from 1-15%, the experience and knowledge our agents possess could save you thousands or more.
Bond types you can purchase through Insuremart
Our agents are knowledgeable about the most common bonds and the specialty bonds market. Here are a few of the most popular along with specialty markets:
Construction bonds – We’re here for contractors. Talk to our agents. Bid bonds, performance bonds, payment, environmental. There are several, and we can help you with all of them.
License and Permit bonds – Your profession may require a bond before you are issued licenses or permits.
Court bonds – Fiduciary bonds for estates and trusts, appeals bonds, and bail bonds.
And more – Supply bonds, utility bonds, and self-insurance bonds are all specialty markets our agents have access to. There are several others.
How much does a surety bond cost?
Good to know: Insuremart has access to many sureties. Nothing gives you an advantage when buying surety bonds like a great agent and more options. Talk to our agents.
The cost will be a percentage of the bond. Somewhere between a 1% to 15% or more. The latter doesn’t sound great but expect higher risk buyers to attract higher percentages. Also expect fewer sureties to choose from as risk increases.
That percentage is based on a list of factors, some of which change based on the surety, competition, and current bond agreements. Which leads us to another common question:
What factors do sureties consider during the rating process?
Surety companies will check your credit history, bond history, years in business, and projects your company has completed. They will expect financials and other documentation during the rating process.
Their goal is to assess risk and use that assessment to determine whether you qualify and, if so, at what cost to you? The cost to you will be a percentage between 1-15% or more of the bond amount.
Be advised that most surety bonds will include an indemnity agreement that states you will reimburse the surety for any claims paid. And most times the surety will require proof of your ability to repay. This can be in the form of cash and collateral.
Low-risk or low-value bonds may not include an indemnity agreement or require proof of your ability to repay.
Get a Surety Bonds quote from Insuremart right now. Our agents are ready to help.