We are proud to be your licensed Western Financial Group insurance brokers in Prince George, British Columbia. Our experts have the right advice and resources you require regarding surety bonds.
Surety is not an insurance product and more closely resembles a credit facility involving a promise by one party (the surety company) to assume responsibility for the default of the borrower (the principle) against the Project Owner (the obligee).
Our brokers work with industry leading surety companies to set up bonding facilities and issue bonds which, ultimately guarantee the contracted party has the experience, financial and capital resources available to perform their contractual obligations.
Two types of surety and bond products
Contract Bonds are primarily used in the construction industry to protect the owner (obligee) from financial loss in the event the contractor (the principal) is unable to fulfil the terms and conditions of the contract.
Bonds may allow smaller contractors to bid larger projects, as the surety company has done the work to prequalify the contractor and has determined they are financially and technically qualified to complete the project according to the terms and conditions of the contract.
The second type of surety bonds are commercial bonds, used to comply with licensing, regulatory and financial requirements of federal and provincial courts, government bodies and financial institutions.
Commercial bonds protect consumers again fraud, misrepresentation and monetary loss by guaranteeing that a business or individual will comply with all required legal obligations.
Commonly used commercial bonds include License and Permit Bonds (Prepaid Contractors, Mechanical/Electrical Contractors), Customs and Excise Bonds and Lost Document Bonds.
Why you should choose our Western experts
The relationships our licensed insurance brokers have with our surety companies are strong. Underwriters with these partners expertly navigate the ins and outs of their industry.
This leads to a team effort between the surety company and contractors championed by our brokers.
Western experts help you understand the financial obligations and what it takes to qualify for and maintain a surety facility.
Learn more about our broker location in Prince George, British Columbia today.