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INSURANCE AGENCIES & BROKERS
Give your entire agency access to a Top-Caliber Surety Bond Department
Are you working harder than ever before and earning less? Let us show you how to improve the financial performance of your agency as well as the level of service afforded your clientele, while simplifying your business life.
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Our program is simple – our professional team of licensed representatives, underwriters, bond production associates, and other office staff work under your oversight to meet the surety bonding needs of your clientele. As your “virtual surety bond department program“, we take care of every aspect of the bonding transaction – information gathering, underwriting, bond approval & issuance, even billing and collections.
Our program delivers a variable level of commission-sharing which goes directly to your bottom-line. While based on your overall volume through us, most of our agency clients see the overall profitability of their bond operations actually improve following outsourcing with us! In addition, you are providing your clients with access to experienced bonding professionals with a vast portfolio of surety markets and the most sophisticated internet and electronic bonding tools in the industry.
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Best of all, as a bonding specialty agency you can put aside any concerns regarding our competing for your clientele’s insurance business – we simply “don’t do that”.
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Shorewest Surety Services, Inc. is a bond-only agency, specializing in preferred, standard and hard-to-place surety bond programs. We afford you and your clientele access to a broad portfolio of surety companies, sure to meet your needs, as well as to an efficient high-volume bond production department experienced with almost any bond you and your clientele require. Whether the need is routine, or anything but, we have the markets, relationships, and seasoned experience to get the job done quickly and efficiently when others can’t. Whether your client is a new company, a disadvantaged business, or a well-established firm looking for a stronger or less expensive bond program, we can get the job done.
FAQ'S
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What Are Surety Bonds and Why Are They Important?Surety bonds are essential for various industries, offering financial guarantees and protection. They are crucial to ensure project completion, compliance with regulations, and safeguard against potential losses.
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How can surety bonds benefit my construction business?Surety bonds help construction companies secure contracts, enhance credibility, and mitigate risks. They also protect subcontractors and suppliers involved in your projects.
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How does Shorewest Surety Services establish a line of credit?Our agents will consult with the client to determine a solution that will best meet their current and future bond needs. From that consultation we will be requesting specific application information and/or financial information and company history needed to establish a bond line that meets their goals.
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What is your turn around time for a bond?We can set you up with a new surety relationship in a little as 2 days from the time that we have gathered all of our underwriting information and met with you. After your account is established, all of our bond requests are executed the same day that we receive them, and sent via overnight carrier to your office.
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What is the difference between a bonding agent and a surety?A bonding agent, often known as a bond producer or broker, acts as an intermediary between a contractor seeking a bond and the surety company providing the bond. They help contractors navigate the bonding process. On the other hand, a surety is the company that issues the bond, promising to fulfill a contract or compensate the obligee if the contractor fails to meet their obligations.
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What kind of fees are associated with bonds at Shorewest Surety Services, Inc.?At Shorewest Surety Services, Inc., we believe in transparent and straightforward services. That's why we don't charge bid bond, overnight mail, or annual underwriting fees.
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What are your rates for surety bonds at Shorewest Surety Services, Inc.?Our rates vary depending on the type and size of the bond required. Please reach out to our team for a personalized quote tailored to your specific bonding needs.
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What is a General Indemnity Agreement (GIA)?A General Indemnity Agreement (GIA) is a legal contract between the surety company, the contractor (principal), and the individuals or entities providing personal and corporate indemnity. It outlines the obligations and responsibilities of each party.
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Why does a GIA require personal indemnity?A GIA often requires personal indemnity in addition to corporate indemnity to provide the surety with greater financial security. Personal indemnity uses the personal assets of the individuals involved as collateral in case of a bond claim.