A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin.
Contractors Bonding and Insurance Company (CBIC), an RLI company, specializes in surety bonds and niche property and casualty insurance products. CBIC is a strong and stable partner you can count on. Our underwriters have proven experience that enables them to respond quickly to the unique business demands of ...
Contractors Bonding and Insurance Company (CBIC), an RLI company, specializes in surety bonds and niche property and casualty insurance products. Formally established in 1979, CBIC joined the RLI family in 2011. CBIC has offices located throughout the country in close proximity to our producers and their customers.
Contractors Bonding and Insurance Company - Insurance Company - Seattle, WA.
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Apr 14, 2017 ... Contractor license bonds, and surety bonds in general, are more correctly described as a line of credit, rather than insurance. Upon getting licensed in many states, contractors need to obtain a license bond from a surety bond company against a premium. This bond is an agreement among the contractor, ...
A contractor bond protects consumers and government agencies from potential financial loss by guaranteeing construction professionals adhere to all provisions established by the obligee issuing the contractor's license. Contractor license bond amounts vary by state, but SuretyBonds.com can issue a contractor's bond for ...
While insurance products have become increasingly commoditized over the years, surety bond costs are not one size fits all. The surety bond rate is determined by an underwriter who assesses your risk of triggering a claim. Keep in mind, surety bonds are not insurance for your company, but a form of credit to you.