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Originally Posted by marietta68 In addition, the bond also guarantees payment of wages. For large, experienced contracting firms with audited financial statements and a large work program, the bonds can be written rather freely. The claims activity usually comes from the smaller firms who, as economic conditions fluctuate, may find themselves without the resources to fulfill their commitments. Many bond companies won't write these bonds without full collateral. |
Nicely explained Marietta68! You are right - while many companies won't write without collateral, we do have markets that will for qualifying contracting firms. You can visit the following link to submit an application:
Wage & Welfare Bonds - Surety Bond Types