Can I get a refund on a Performance Bond?

The construction industry is unpredictable, and a change in contract price is common. Many contractors wonder if they can get a refund on their bond premiums. The answer is sometimes. But also, sometimes there can be an additional billing Performance Bonds guarantee...

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Bid Bonds in Washington

What is a Washington bid bond? Let’s say an obligee (usually a large general contractor, a government body, or an institution such as a school or church) wants to hire someone to do a project for them. They could request bids to see which contractors can provide the...

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What is a Washington Contractors License Bond?

In many states, to be a licensed contractor, you are required by the state to have a bond. Sometimes it’s state-regulated, and other times it differs between counties or even cities. In some states, the requirement is the same for everyone, and sometimes it’s set by...

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Why Do I Need To Provide FYE Statements?

Fiscal Year End Report ("FYE") Explained As the Fiscal Year ends and the spring bidding season begins, your Surety needs to update your underwriting files with current data. Your assistance in keeping your file up to date will allow the Surety to provide accurate...

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How Much Do Bid, Performance & Payment Bonds Cost?

One of the first questions we hear from potential clients is “Can you get me a Surety Bond?” and the second is “How much will that cost?” Our answers are typically “Depends on several underwriting factors, but it doesn’t cost anything to find out”.  Here are the...

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What Are Financial Statements?

Financial Statements Explained As a Contractor or other entity needing a Surety Bond Program, you're likely being asked to provide Financial Statements. This may be confusing, since you were able to easily buy $1,000,000 of Insurance without any Financial Statements,...

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Do I Qualify For A Surety Bond?

The Three C's of Surety - Qualifying for a Surety Bond What are the parameters used for determining if you qualify for a surety bond? This is where underwriting comes in. Underwriting is what the surety company will do when an insurance agent presents a new principal...

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Commercial Surety Bond Categories

The two main categories of surety bonds are contract and commercial. There are many types of commercial surety bonds, and there are often many names for those types. The standard ways to classify commercial surety are license and permit, court and probate, financial...

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Contract Surety Bond Categories

There are two main categories of bonds. Each surety company classifies them differently, but traditionally, surety companies will have contract surety bonds and commercial surety bonds. Commercial bonds are essentially miscellaneous bonds, while contract bonds are for...

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