Contractor surety bonds
ADHÉREZ À UNE COUVERTUREOur team consists of experienced surety professionals and has all the information and expertise you may require to determine the right solution to ensure your peace of mind.
Regardless of the surety that you require, we'll help you get the one you need at a competitive rate.
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514.316.7718A surety bond is not an insurance contract. Instead, it serves as protection for you or your business and your client, in the event of potential financial loss, in order to save you a lot of trouble.
The surety bond has the purpose to protect you and your clients if problems should arise before or during the work that must be performed under a contract. It is applied when the company responsible for the contract fails to meet its legal obligations. If your construction company fails to meet those obligations, the surety will intervene to reimburse your client for the amount that has been paid for the project. As such, it guarantees the fulfillment of your obligations.
Additionally, the surety bond can reinforce your business credibility with suppliers and subcontractors by giving them a guarantee.
In this regard, surety bonds and business insurance are the perfect way to properly protect you against all risks.
The surety is designed for any person or company bound by a commercial contract of public order or of large scale, that wishes to obtain protection against possible financial losses or to increase credibility with their customers and suppliers.
Surety bonds are primarily used by contractors and construction professionals, as well as the public sector.
The contract bond covers construction projects and guarantees that the work is completed, and that every party is being paid.
Bid bonds guarantee that the bidding company will undertake to carry out the work if they are selected.
Performance bonds guarantee the payment of all due amounts to the workers and material suppliers who have worked with the contractor for the duration of the project.
Labor and material payment bonds guarantee the remuneration of due amounts to the workers and material suppliers who have worked with the contractor for the duration of the project.
Maintenance bonds guarantee a certain degree of satisfaction with the quality of the project once the work is completed.
Commercial bonds cover most projects that are not part of the construction industry. Among those is the business and consumer services sector. This bond guarantees that the principal debtor will comply with all regulations, laws or by-laws applicable to certain business activities.
Government officials or municipal authorities may require a license guarantee in order to issue a building permit. These bonds ensure that your business will comply with various statutes, laws or regulations.
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Regardless of the type or value of your real estate investment, we will make sure that you get the best possible coverage, at a competitive rate.
Whether you have a single truck or an entire fleet, the experts at Magnat Ravary Assurances are here to provide you with the best possible coverage.
We offer a personalized solution for car dealerships, garages and body shops. This sector in particular requires an approach that is perfectly adapted to the needs of each business.
The manufacturing sector is among the principal driving forces of our economy. By enlisting Magnat Ravary Assurances as your business partner, you guarantee your company’s growth and your peace of mind.
Almost no operation is absolutely without risk, and your business may be held liable for damages caused to others by the actions of your employees. The same is true for practicing professionals. Let the experts at Magnat Ravary Assurances take care of your corporate and professional civil liability insurance in accordance with your specific needs.
The construction sector is essential to our economy. In this business, you must be prepared with the best possible coverage to deal with any challenge that may arise.