What is bid bond insurance exactly, and how does it work? If you own, operate or manage a business in the construction industry, then you may already be familiar with bid bond insurance and its variations. You might even be looking for an experienced and professional bid bond insurance broker in Woodinville to help you choose the right type of bid bond insurance for your particular business and agreement. Call American Insure-All today for a bid bond insurance broker in Woodinville.
What is Bid Bond Insurance?
There are several different types of bond insurance available for all kinds of agreements and situations. For example, performance bonds, surety bonds, maintenance bonds, and payment bonds are just a few types of bond insurance that are available to help protect a business, a contractor or subcontractor, and even consumers from faulty designs, materials, and even default payments from either party or entity.
Consider an example: A contractor and developer might enter an agreement to work together on a project, including the construction of an apartment complex, condominium complex, or another type of project that involves in-depth specifications, crucial deadlines, and a long list of stakeholders. The contractor submits a bid to the developer for the total proposed cost of the project. The developer wants to protect him or herself against a contractor increasing or altering the quote after the bidding process. In order to do this, the developer and contractor will enter an agreement in which bid bond insurance is purchased to protect both entities.
For more information on the different types of bond insurance, call American Insure-All today at (888)411-AUTO to learn more about working with a bid bond insurance broker in Woodinville.