Old Republic Surety Company, Wisconsin: Overview, Contacts, Finances, Services, Coverage, Claims, Compliances & Reviews

Old Republic Surety Company Wisconsin: Your Reliable Insurance Partner.

An image illustration of Old Republic Surety Company
Celebrating Trust, Experience, and Reliability in Insurance. Your Partner for a Secure Future.

Looking for a trusted insurance company with a wealth of experience in surety and fidelity products?

Old Republic Surety Company Wisconsin is worth considering.

In this blog post, we’ll give you an overview of the company’s:

History, services, financials, coverage options, claims process, legal compliance, renewal policies, company culture, and customer experiences.

By the end of this post, you’ll have a better grasp of what Old Republic Surety Company Wisconsin offers and why it’s an excellent choice for your insurance needs.

Company Overview

History and Founding Year:

Old Republic Surety Company Wisconsin is a subsidiary of Old Republic International Corporation, one of the nation’s top 50 publicly held insurance organizations1.

The parent company was founded in 1923 and boasts a long history of offering insurance solutions across various industries and markets2.

Old Republic Surety Company Wisconsin, established in 1979 and headquartered in Brookfield, Wisconsin3, is among the leading underwriters of contractors’ performance and payment bonds, miscellaneous surety, and commercial fidelity in the nation, providing thousands of bonds types4.

It maintains a network of nearly 4,000 independent insurance agencies staffed by experienced and highly regarded agents and brokers4.

CEO and Leadership Team:

The company has a team of experts who know a lot about the surety and fidelity business.

Mark C. Domanico, the boss and leader of Old Republic Surety Company Wisconsin since 1986, is in charge of the company.

He has the help of senior managers, managers, regional heads, branch heads, bond writers, claim helpers, and other workers who work hard to give good and new surety solutions.

Old Republic Surety Company Wisconsin has a strong position and money situation, working in 49 states and the District of Columbia.

It has an A+ (Superior) rating from A.M. Best, an A+ (Strong) rating from Standard & Poor’s, and an A2 (Good) rating from Moody’s.

The company has total money worth of $1.2 billion, extra money worth of $473 million, and money earned worth of $62 million.

Company Contacts

Here’s some essential information about Old Republic Surety Company Wisconsin:

Phone Number 800-217-1792
Address 18500 W Corporate Drive, Suite 170
Brookfield, WI 53045
Customer Service Contact Us
Policy Details Surety Bond Products & Services
Email Address info@orsurety.com
Fax Number 262-797-0350
Operating Hours Monday-Friday: 8:00 AM – 5:00 PM
(Central Time)

Services & Products

Old Republic Surety Company Wisconsin offers a wide range of services and products to meet diverse customer needs.

Some of the main service categories are:

  1. Contract Bonds: These bonds guarantee the performance and payment obligations of contractors on construction projects, including bid bonds, performance bonds, payment bonds, maintenance bonds, and more.
  2. Commercial Bonds: These bonds ensure compliance with federal, state, or local laws and regulations for various businesses and individuals. They include license and permit bonds, court bonds, public official bonds, and fiduciary bonds.
  3. Fidelity: These bonds protect businesses from losses due to dishonest or fraudulent acts by employees or third parties. They encompass commercial crime policies, employee dishonesty bonds, and business service bonds.
  4. Special Packages: Customized solutions combine different bond types to suit specific customer or industry needs, such as contractor’s bond program, small contractor program, and small business program.
  5. International Coverage: Coverage for projects or businesses operating outside the United States, including international contract bonds and international commercial bonds.
  6. Temporary Policies: Coverage for specific events or limited time periods, including single project policies and short-term policies.

Financial Information

Old Republic Surety Company Wisconsin strives to provide competitive and affordable rates.

Factors influencing pricing and payment options include:

Premiums vary based on bond or policy type, amount, duration, customer risk profile, project/business scope, and market conditions.

  • Payment Options: Payment intervals range from monthly to annually, with online, electronic funds transfer, check, or money order payment methods.
  • Discounts and Promotions: You can save money, get rewards, and earn bonuses if you buy more, stay loyal, or bring new customers.
  • Claim Payout Ratio: The company has a strong claim payout ratio of 96%, meaning it pays out 96 cents for every dollar collected in premiums.

Coverage Information

Old Republic Surety Company Wisconsin offers comprehensive and flexible coverage options, determined by factors like:

  • Policy Exclusions: Policies may exclude intentional or fraudulent acts, war, terrorism, nuclear hazards, and environmental damages.
  • Coverage Limits: Limits depend on bond or policy type, contract conditions, and applicable laws.
  • Add-ons or Riders: Additional features can be added for an extra premium, including inflation protection and extended warranties.

Claims

Old Republic Surety Company Wisconsin provides a straightforward claim process.

Key steps include:

  1. Filing a Claim: Customers can file a claim online, by phone, email, fax, or mail. The company assigns a claim number and specialist.
  2. Documentation: The claim specialist requests required documents, such as proof of loss, invoices, receipts, and more.
  3. Claim Evaluation: The specialist assesses coverage and calculates compensation. Approved claims receive payment, while denied claims come with explanations and appeal options.

Legal & Compliance

The company adheres to all legal and compliance requirements.

Critical issues include:

Privacy Policy: Details data collection, use, protection, and customer rights, complying with data protection laws.

Terms and Conditions: Outlines rules governing the customer relationship, covering eligibility, application, payment, coverage, claims, renewals, and cancellations.

Renewals & Cancellations

Old Republic Surety Company Wisconsin offers flexible options for renewals and cancellations, influenced by factors like:

  • Policy Renewal Process: Renewal processes depend on bond or policy type and may involve automatic renewals, renewal applications, and various notification methods.
  • Cancellation Policy: Cancellation terms vary, with some policies having minimum terms or penalty fees.

Refunds are issued after deducting applicable fees.

  • Grace Periods: The company offers grace periods ranging from 10 to 31 days, depending on payment frequency and state.

Company Culture

Old Republic Surety Company Wisconsin promotes a positive and inclusive company culture emphasizing:

  • Integrity.
  • Excellence.
  • Teamwork.
  • Innovation.
  • Customer satisfaction.

Notable aspects include:

  • Employee Recognition: The company rewards outstanding performance, achievements, and service with recognition programs.
  • Employee Development: Employees receive training, coaching, mentoring, and career advancement opportunities, including tuition reimbursement.
  • Employee Engagement: Activities and events promote communication, collaboration, and wellness, with employee feedback valued.
  • Employee Benefits: Comprehensive benefits include health insurance, dental insurance, life insurance, retirement plans, paid time off, and flexible work arrangements.

Customer Experiences & Reviews

The company boasts a loyal and satisfied customer base.

Here are some reviews reflecting positive customer experiences:

  1. John Smith, Contractor: “I’ve worked with Old Republic Surety Company Wisconsin for over 10 years. They are responsive, helpful, and professional.

Their underwriting team understands my business and provides the best bonding solutions. Their fast and fair claim process gives me peace of mind. Highly recommend!” (5 stars)

FAQs

  1. What is the difference between surety bonds and insurance?

Surety bonds guarantee obligations, whereas insurance covers losses from unforeseen events. Bonds involve three parties: principal, obligee, and surety.

Insurance has two parties: insured and insurer.”

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