Looking for a reliable and reputable surety bonding company in the US? Consider Surety Bonding Company of America (SBCA).
SBCA is a leading provider of surety bonds for various industries and purposes, such as construction, commercial, and fidelity bonds.
How much is a US surety bond fee?
The cost of a surety bond, also known as the bond premium, is a percentage of the total bond amount
The bond premium depends on several factors, such as the type and size of the bond and the industry
According to the Surety & Fidelity Association of America, the average bond premium in the US ranges from 0.5% to 15%
To get an accurate quote for your surety bond, you can contact SBCA or any other licensed surety company
The surety company or broker will evaluate your application and offer you a bond premium based on your risk profile.
Who are the largest surety brokers?
A surety broker is an intermediary between the surety company and the bond applicant.
It can help you find the best surety bond for your needs and assist you with the bond application and claim process.
A surety broker can also provide you with advice and guidance on how to improve your bondability and avoid claims.
There are many surety brokers in the US, but some of the largest and most reputable ones are:
- Marsh & McLennan Companies, Inc.
Marsh & McLennan is a global professional services firm that offers risk, strategy, and people solutions.
It is the parent company of Marsh, a leading insurance broker and risk advisor, and Guy Carpenter
Marsh & McLennan has over 76,000 employees and operates in more than 130 countries.
- Aon PLC
Aon is a leading global provider of risk, retirement, and health solutions.
It offers a wide range of services, such as insurance brokerage, risk management, reinsurance, human capital consulting, and outsourcing.
Aon has over 50,000 employees and operates in more than 120 countries.
- Willis Towers Watson PLC
Willis Towers Watson is a global advisory and solutions company that helps clients manage risk, optimize benefits, and expand capital.
It offers services in areas such as human capital investment, risk and reinsurance, and benefit delivery and administration.
Willis Towers Watson has over 45,000 employees and operates in more than 140 countries.
- Arthur J. Gallagher & Co.
Arthur J. Gallagher is a global insurance brokerage, risk management, and consulting services firm.
It offers solutions for various industries and sectors, such as construction, the public sector, transportation, and technology.
Arthur J. Gallagher has over 34,000 employees and operates in more than 150 countries.
- Hub International Ltd.
Hub International is a leading full-service global insurance broker that provides property and casualty, life and health, employee benefits,
It serves clients in various industries, such as agriculture, finance, hospitality, manufacturing, and real estate.
Hub International has over 13,000 employees and operates in more than 50 countries
Who was the first American surety company?
The first American surety company was the Fidelity Insurance Company, which was founded in 1865 in New York.
It was the first company in the US to specialize in surety underwriting, providing fidelity bonds for employees and officials.
The company later expanded its business to include other types of surety bonds, such as court, contract, and commercial bonds.
The Fidelity Insurance Company was acquired by the United States Fidelity and Guaranty Company (USF&G) in 1896
How do you check if a company has a bond?
If you want to verify if a company has a bond, you can use several methods, such as:
- Ask the company for their bond information and contact the bond issuer to verify it.
You can also check with your state insurance department and the Surety & Fidelity Association of America website
- Visit the company’s website and look for any mention of being bonded or having a trade license number.
One can also check the Better Business Bureau website for any complaints or reviews about the company’s bonding status.
- Ask for references from past customers or get multiple bids from different contractors to compare their quality and reliability.
You can also ask for proof of insurance and licenses, which are usually required for bonded contractors.
Conclusion
Surety bonding is an important aspect of doing business in many industries and sectors.
Surety Bonding Company of America is one of the leading providers of surety bonds in the US
If you are looking for a surety bonding company, you should consider SBCA
By doing so, you can ensure that you get the best surety bond for your business.
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