Give Your Customers Rock-Solid Assurance
Surety Bonding from DeSanctis Insurance Agency
The construction industry is a high-stress business full of risks. Project owners are exposed to a host of possible liabilities. Should a contractor fail to meet specific obligations, the resulting financial loss for the project owner can be devastating. This is why project owners insist on surety bonding.
Bonds are a unique form of credit that, in essence, guarantees the satisfactory performance, financial responsibility and compliance with contractual and legal requirements.
Years of Surety Company Training
We have a dozen Surety Account Executives on staff averaging nearly 30 years of experience. With many who were Surety underwriters or managers trained by the Bonding companies, DeSanctis brings a level of surety depth and knowledge that simply cannot be matched.
The DeSanctis team simplifies needs analysis to deliver real-world solutions quickly and efficiently. Due to the numerous and diverse relationships we have with surety companies encompassing a vast range of markets, we meet the needs of both large and small contractors.
- Fair and equitable bonds at competitive prices
- An unparalleled depth of experience
- Intimate understanding of the construction industry
- Prompt answers on bond requests
From our stellar staff of surety producers to the variety of markets we represent, DeSanctis Insurance offers superior support programs specifically designed for today’s contractors. Our object is the same today as it was when at our founding in 1973: to be New England’s best contractor-oriented insurance and bonding agency. We’ve earned a reputation for excellence because we’re good at what we do.
BOND GUIDE – SOME EXAMPLES
There are several types of bond programs that are specific to the construction industry.
Bid Bonds – guarantee that, should a contractor be awarded a contract after submitting a public bid, the contractor will complete the work for the accepted bid price. Should the contractor fail to execute the contract as agreed, the issuing company for the surety bond pays the difference in bid price between the contractor and the next lowest bidder, up to the percentage stipulated on the bid bond.
Performance Bonds – The surety company agrees to pay the project owner should the contractor fail to successfully complete the project according to the specifications as stated in the contract. Provides an owner with a guarantee that, in the event of a contractor’s default, the surety will complete or cause to be completed the contract.
Payment Bonds – The surety company guarantees that the contractor will pay for subcontractors, laborers, suppliers, etc. This protects the project owner against liens should the contractor fail to pay for project-related expenses.
Maintenance/Warranty Bonds – The surety company guarantees against loss due to faulty workmanship and/or defective materials employed on a construction project. Maintenance bonds are a type of construction bond that provide for the upkeep of a project for a specified period of time after the project is completed. These bonds guarantee the quality of a contractor’s work, and that they have performed their work in accordance with state regulations, building codes, contract requirements, and construction standards. Maintenance bonds protect owner/obligees against defective workmanship or materials, and are also referred to as warranty bonds.
Permit Bonds – Provides the City or Town with a guarantee that the contractor opening a public way, will put it back to its’ intended use.
Blanket Lien Bonds – Provides the Registry of Deeds in the County where the work is being performed, with a guarantee that all those have done work or provided materials on a project, whom is entitled to lien protection under the Laws of the State, that they be paid by the contractor/owner.