Why do contractors choose The Bond Connection?
Because a reliable and informative source for Bid, Performance, & Payment bonds is
critical to construction contractors engaged in public work.
We fully understand – service is everything!
Most surety companies only consider a contractor’s reoccurring bond needs from a professional and specialized (i.e., bond-only) surety broker/agent/producer like The Bond Connection. In the construction industry, only professionals like us can guide general contractors and subcontractors through the process, establish a partnered business relationship with an appropriate and receptive surety bond company and then foster the relationship by actively managing that individualized surety program. Just as important as your CPA or attorney, The Bond Connection acts as a key construction operations consultant with its technical expertise and sound financial advice.
Even in the commercial and private sectors, more & more owners and lenders are also requiring bonds for their projects as society becomes more modernized and sophisticated. It is the new norm for lower-tiered subcontractors and even suppliers to be requested to provide bonds on their contractual exposures due to the preferences of general contractors & their bond companies to pass exposure to responsible parties.
“In that case, couldn’t I just use my insurance agent?”
Although licensed insurance agents are legally permitted to assist contractors, they don’t have the experience and markets necessary to serve a construction contractor’s bond needs like a bond-only agency/brokerage such as The Bond Connection. Many insurance agents don’t fully understand the urgency of certain deadlines. They don’t have the resources to respond. They have to be able to sign bonds like us. The chances are if you use an insurance agent, you limit your construction company’s resources to obtain and manage your needs significantly.
Surety credit is not insurance. Insurance transfers risk into a loss funding pool. Provisions are made for anticipating loss. Suretyship is a loss avoidance mechanism to prequalify individuals based on their credit, experience, and financial qualifications. The risk stays with the contractor, or “principal,” who must sign an indemnity agreement that holds the bond company, or “surety” harmless. The surety guarantees both the contractor’s faithful performance of a contract but, unlike insurance, there is no transfer of risk. Premiums are lower as there is no provision for loss payment of premiums.
Don’t lose a job because of your insurance agent!
The Bond Connection:
* Assesses available operation, history and management qualifications, then makes suggestions/recommendations for improvement.
* Assists in the proper selection, or “marrying,” of an appropriate surety bond company to the principal’s size, needs &/or aspirations.
* Creates & maintains a strong bond between the principal and surety.
* Negotiatiates a responsible bonding capacity suitable to both the surety and principal alike.
* Maintains clear communication, reporting, and mutually beneficial relationship between the surety and principal.
* Provides professional strategic advice to both surety and principal that supports both, albeit separated, objectives.
* Facilitates the role of the bond company by acting on its behalf in order to provide faster, more reliable, and more professional service to the construction industry.
* Supports and promotes the relationship between the principal and surety in order for it to grow and prosper.
Here at The Bond Connection, you are the boss!
We represent your best interests. We negotiate for you so contractors are able to receive bid bonds free of charge. You heard us right!, There are no costs or fees for bid bonds. As specialists in the industry, it’s our function to know the current surety rate market better than anyone. Once we help you obtain new projects, the cost of receiving performance and payment bonds to secure those new projects will vary from job to job, contractor to contractor, and bond company to bond company. For a preliminary quote, please click on “Apply Now.”
If you already have a relationship with a bond company, receive poor service and would like The Bond Connection to represent your bonding needs, print and copy this page onto your letterhead. Then sign, date and email or fax it to us. If we can’t fix or improve things for you, we’ll help you find a new bond company better suited to your needs and aspirations.
At The Bond Connection, we believe in:
* Streamlining the process of obtaining contract bonds.
* Focusing on solving our clients’ surety bond issues.
* Being creative and aggressive in our approach.
* Providing immediate assistance to get started.
Underwriting and representing the construction industry’s contract bonding needs since 1985. Extensive familiarity and participation in the contract surety bond industry and credit process and extending functions. Participation in the management process, including estimating, bidding, building, and cost control systems. Knowledge of construction contracts and contract law. Awareness of local, regional, and national construction markets and trends. Familiarity with accounting and finance, with particular emphasis on the American Institute of Certified Public Accountants (AICPA) Audit Guide for Construction Accounting. An ability to analyze financial statements, work-on-hand schedules, and cash flow. Experience in strategic planning and management practices that promote successful contracting. Well respected and access to basically all United States domiciled surety bond companies.