Surety is Not Insurance
A Performance Guarantee
So, what is it? A surety gives you the financial security you need to get down to business. When a surety bond is produced, it acts as a performance guarantee against future work. A surety bond is only extended if the surety determines that the party in question has the experience, financial and capital resources necessary to fulfill their obligations. If the insured party is unable to fulfill their end of the deal, the surety can then step in and provide support. Uses and application of surety bonds are unlimited.
The most common types of a surety product are commercial, contract and subdivision. The Trisura team brings real-life experience to the table; no matter your circumstances, we can help you achieve optimal results.
Commercial surety products are usually part of licensing processes and requirements for companies or individuals. These bonds protect the consumer against fraud, misrepresentation and compensation of monetary loss.
Commercial surety bonds are typically required by federal and/or state courts, government bodies, financial institutions and private corporations.
At Trisura, we understand that guidelines and regulations can get complicated. We treat our clients like partners and work together every step of the way, to remove the “red tape.”
Bids and Tenders
Labour and Material Payment Bonds
Contract surety bonds guarantee that the contractual obligations of a project are fulfilled by the contractor.
Trisura primarily offers contract surety solutions to construction companies, service contractors, suppliers and manufacturers.
Subdivision bonds, also referred to as site improvement bonds, are generally required of builders or developers to guarantee completion of infrastructure work such as electrical lines, sewers, sidewalks or grading, and other types of work associated with a permit issued by a local, country or state authority.
Unlike other sureties, Trisura does not categorize subdivision as either contract or commercial. We treat it as a separate line of business that necessitates a unique approach to underwriting. At Trisura, we evaluate all aspects of a project, including capital structure and financing, experience and finally, indemnity structure.
We will consider site improvement bonds for national home builders (both public and privately held), regional builders and developers, and large, multi-phased projects that are institutionally funded (pension funds).