Responsive surety bonds are a must-have for any business that uses them as a key component of its risk management plan, but for the construction and real estate development industry, fast access can be a make or break aspect of the bidding process. Not only do construction projects run on tight deadlines, bonding provides you and your customers the peace of mind and protection necessary to make starting the job possible. So how do you ensure you’re able to close on new bonds quickly, with a minimum of red tape? It’s simple, you work with people who understand your business, and you build a strong relationship.
Bond Experts Who Know Your Business
As Moody Insurance Worldwide points out in its quick run-down of bond types, your business will need comprehensive underwriting that includes a look into your background and experience, references, current projects, and more. On top of that, it’s likely you’ll need a few bonds over the course of a major project, including performance, bid, and contract surety. Figuring out the exact constellation of bond types requires an intimate knowledge of project details, and all this information can take some time to process. Speeding that process up is simple, though, because a company that has already provided you with bonds will have most of that information on hand, so you just need to update them with the right information about your new project, the client, and the bond requirements.