If you run a business or work in the construction industry, then you are likely looking for an experienced bid bond insurance broker to help you to understand how bid bond insurance works and to guide you through the process. Although a bond is something you would find at a bank, the team at American Insure-All specializes in securing bid bond insurance for businesses. To learn more about how bid bond insurance works, or how your business can benefit from it, be sure to call the team at American Insure-All today to speak with a bid bonds insurance broker in Bellevue.
Bid bond insurance is also known as a surety bond, which is a risk mitigation tool or a form of credit for contractors and developers. Working with a reputable and experienced bid bonds insurance broker can help businesses understand the terms of a contract before officially signing the agreement.
So how exactly does bid bond insurance work? Consider an example: A developer is looking for a contractor to build a new building. The developer receives multiple bids from multiple contractors. After reviewing all of the bids, the developer chooses the one they like best for the project. Then, a reputable contractor will purchase bid bond insurance to offer protection to the developer. Bid bond insurance protects the developer’s investment because under this type of agreement, a contractor cannot alter or increase the bid or quote. A performance bond or surety bond will also protect the developer’s investment by ensuring that the contractor provides quality work.
For more information on bid bonds for construction, performance bonds, surety bonds, call American Insure-All today at (888)411-AUTO to speak with a bid bonds insurance broker in Bellevue.