A Surety Bond is similar to a guarantee that is given to the client which ensures their investment is secured. It is not an insurance to the principal but a protection to the client which is required in various fields like construction, legal contract etc. The Surety companies that issue the bonds are in fact insurance companies. You can get Ameripro Surety Bonds or others through agents that represent the companies. The surety broker or agent is licensed and appointed by the company to advertise the rates, manage surety bond cycle and handle customer service. It is important that you find right company for bonding services or else you will face high costs for purchasing bonds and low turnaround time.
Finding right Surety Bonding Company
You need to look for few things before you hire the services of Surety Company. The things to look for are:
- You need to ensure that the Surety companies are licensed and authorized for making transactions or else your bond will be rejected. You can buy Ameripro Surety Bonds or others from such companies as they are licensed in all 50 states.
- The companies that are T-listed are approved to write bonds for Federal Government and other projects. You can check the authentication from US Department of Treasury’s Listing of Certified Companies which reviews the companies.
- The A.M. Best Company, Inc. is a rating agency in the company which rates the insurance as well as surety companies based on their ability pay valid claims. Look for companies with good ratings before you purchase the bonds from them.
- Smaller businesses don’t require anything other than license bonds but with bigger business there could be the need for multiple bonds and larger bond capacity. Hence it is important to check the single bond and aggregate limit of the company to ensure they can support your required needs.
There are several surety bond companies but it is vital that you choose the one with right knowledge and experience of surety bonds. This will reduce the chances of high pricing, unnecessary delays and claim costs.