I am a Surety Shopper Can you help me?

[apprentice35]

I have a construction company and we provide performance bond to our developers. We already have a surety company that we deal with. However, we would like to switch to a different company. 1. each individual surety company share their client's info together?( i don't want them to know that i have a plan to switch my bond company now) 2. what are the fees and charges? 3. our bond capability with our current surety company is $2 million. does this help for us to be approved quicker?

[PT]

Originally Posted by apprentice35

I have a construction company and we provide performance bond to our developers. We already have a surety company that we deal with. However, we would like to switch to a different company. 1. each individual surety company share their client's info together?( i don't want them to know that i have a plan to switch my bond company now) 2. what are the fees and charges? 3. our bond capability with our current surety company is $2 million. does this help for us to be approved quicker?

1. Surety companies do NOT share their client's information. 2. Fees are based upon the kind of work that you perform and fees are also based on the financial strength of the company and it's owners. This question is best answered by the agent who would be working with you. 3. The fact that you have a bond line of $2 milllion already must mean that you have the necessary supporting financials available. By having these financials readily available, it can speed up the process. I would recommend that you visit our website and provide the information listed under a complete contract bond line. When you submit an application to a new surety, make sure you indicate to them that you already have a company doing bonds for you and advise who that company is. There are only so many companies out there and you wouldn't want your new information send to your same company.