— ConstructionBond has today shared information on a growing trend in the Canadian construction industry. The company, which offers surety bonds across every province in Canada, has noted the marked shift in the market toward bonding, and wants to ensure all construction companies can seize the opportunities that are becoming increasingly bond exclusive, with bond-only projects fast becoming the most common in the country.
Governing bodies, municipalities, and private contractors are increasingly asking for surety bonds instead of cash as collateral for construction jobs. With bond only projects becoming more popular, and being exclusive to bonded companies, many construction companies face the risk of being unable to bid on major projects in the future.
As industry leaders in Canada, ConstructionBond has access to every bond market, including Intact, Trisura, GCNA, and more. Their insurance companies charge only 0.75% of the contact value as premium for projects for the 2017-2018 financial year. This very low, and highly competitive rate is achieved by the company’s commitment to charging no fees to the client for their services.
The Canadian Bonding Company also offer e-bonding, with digital copies as well as hard copies provided. Their expert brokers have been comprehensively trained, and bonds can be prepared in as little as 24 hours, then shipped direct with no additional expense or delay. This commitment to customer service is all part of removing the barriers construction companies face when trying to get bonded, enabling them to bid for bond only projects.
A spokesperson for ConstructionBond explained, “Construction companies, builders, general contractors, and similar businesses need to make the transition to being bonded for the projects they undertake, if they are to stay ahead of the industry’s new direction. We can approve companies for surety facility limits of up to $500k per job, or 1 Million aggregate to begin with. If companies need higher limits, we can perform detailed underwriting to increase that limit to whatever the need may be. With these bonds becoming ever more necessary, now is the time to start a business relationship with a great provider.”
About ConstructionBond: ConstructionBond is a Canadian surety bonding broker company that provides bonds to construction and commercial businesses. The company is able to bond projects up to $300k the same day, and have access to insurance companies that will entertain limits up to $500 million. Their network of reliable insurers are all from the Tier 1 market, meaning bonds are supplied from top-rated and well respected companies.
Name: Steven Micaso
Email: Send Email
Address: 15 Allstate Parkway Markham Ontario, Canada, L3R 5B4
Release ID: 253343