Large commercial surety bonds are generally needed in conjunction with service contracts involving transportation companies, janitorial companies, garbage collection companies, non-sticks and bricks "construction," manufacturers, suppliers and more.
Over time, the underwriting considerations for this class of business have become more sophisticated and specialized, and differ from considerations for contract bonds. Big "I" Markets partner Goldleaf has the expertise to help these companies get the bonds they need to bid on, and then execute contracts.
Since many service contracts are written on a multiyear basis, it is important to make sure the bond can be written on a year-by-year basis using an annually renewable bond form.
In addition, the bond amount should be reasonable. Goldleaf's staff can work with you and your insured to identify these issues and help deal with public entities to secure pre-approval on these items.
Large commercial surety bonds are a unique type of bond, and you need an experienced team of bond specialists to help you navigate the process and mitigate risks—efficiently. For more information about bonds, or for help with your clients' bond needs, log in to Big "I" Markets. You can also email Big "I" Markets staff and an underwriter will contact you.