Express Surety Bond Program
The Express Surety Bond Program is a quick and simple way for small and emerging contractors to secure bonding. The program provides bonding support for contractors needing bid bonds, performance bonds and payment bonds, maintenance bonds, and supply bonds. Single bond limits of up to $350,000 in contract price and aggregate bond limits of up to $500,000 in combined contract prices are available with very little paperwork or underwriting. In most cases a quick application and credit check is all that is required!
Typical Requirements of an Express Bond Program
- Experience: The nature of the work to be performed is consistent with the knowledge and experience of the principal’s present organization and the usual/primary work performed by the organization.
- Territory: The contract is located in the territory in which the principal conducts its usual operations. (All projects must be in the 50 United States and the District of Columbia)
- Good Personal Credit
Benefits of the Express Bond Program
- Most approvals within 24 hours.
- Quick and easy online application.
- Very little paperwork: applicants will only be required to sign an indemnity agreement.
- Efficient underwriting: only a personal credit check of ownership is needed, business and/or personal financials and/or tax returns are not required.
- World Class Customer Service
- Single bond limit $350,000/Aggregate bond limit $500,000.
- Lowest rates on the market!
- Projects where time for completion exceeds 12 months.
- Projects where the maintenance/warranty period exceeds 12 months.
- Subdivision/Site bonds/Completion bonds whether for residential or commercial projects.
- Contracts/projects where the subcontracted portion exceeds 25% of the contract price.
- Projects where the bid spread exceeds 10% and $15,000.
- Projects that include delay damages greater than $500 per day.
- Dual or multiple obligee bonds.
- Demolition projects.
- Boat construction of any kind.
- Hazardous materials/environmentally sensitive projects of any kind including closure/post closure bonds, reclamation bonds, asbestos abatement, soil remediation and underground tank removal.
- Projects performed on or in the water including dredging, bulkheads, piers, and breakwaters.
- Technology projects that include software supply and installation.
- Principals currently or previously in claim with any surety company.
- Projects for private residences (where the homeowner/owner of the residence is the Obligee).
- Projects that include efficiency warranties or guarantees, or guarantees of cost savings.
- Design/Build Contracts.
- Indefinite Quantity Contracts.