If you work in the construction industry, then looking for an experienced, professional, and reputable bid bond insurance broker to help you with agreements and contract management is probably on your list. Bid bond insurance works a little differently than a bond you would find at a bank. Bond insurance is a type of insurance designed for construction companies who want to protect themselves during the bidding process. To learn more about how bid bond insurance works, or why your business needs it, then call the team at American Insure-All today for a bid bonds insurance broker in Kent.
As a reputable and experienced bid bonds insurance broker we help businesses understand the terms of a contract or agreement before signing. Bid bond insurance is also known as a surety bond, which is a risk mitigation tool and can also be a form of credit for contractors and developers.
For example, a developer receives a bid from a contractor for the construction of a new commercial building. In order to ensure that the contractor holds true to the bid and quote provided to the developer initially, the contractor will purchase bid bond insurance, which protects the developer from paying a higher amount than what was initially quoted by the contractor. Bid bonds also require the contractor to secure other necessary means of performance and payment bonds as required throughout the project in order to guarantee the quality and performance of the contractor.
For more information on bid bonds for construction, performance bonds, surety bonds, or to speak with a qualified broker, call American Insure-All insurance today at (888)411-AUTO for a bid bonds insurance broker in Kent.