Surety Bonds

Surety bonding can be broken out into two major categories, commercial or license surety bonds and contract surety bonds

Commercial/Licence surety bonds are needed to qualify for a license in various industries, such as electricians or auto dealers. The commercial surety bond is a guarantee of compliance with licensing requirements and is needed when applying to provincial authorities for a license.  At Swift Insurance our surety experts have access to Canada’s leading surety companies and can usually provide same day service with your standard license bonds.

Contract surety bonds are for contractors who want to bid on projects where the project owner has requested bonding. Initially, you must establish a bond facility with a surety company, once that is done you are able to obtain bid bonds, allowing you to include the bid bond with your project tender. Upon successful award of the project, you may be asked to provide a labour & material bond (or payment bond), as well as a performance bond. These bonds, sometimes collectively referred to as “ final bonds” guarantee faithful execution of the construction contract as awarded.

Swift Insurance has a vast expertise in all areas of surety bonding, our experienced surety experts excel at helping our clients both secure and enhance their bond support.