Surety Bonding.
Secure your organization's financial future with bonds from Summit. Our expert team brings the knowledge and efficiency to craft an optimal surety program for you that will free up alternative sources of cash, cut costs, protect against adverse draws on other guarantees — all so you can continue building your business.
Surety Bonding
As a business owner, you understand the importance of building trust with your clients and partners. Surety bonding is a powerful tool in establishing that trust and ensuring that you meet our obligations. It's a way of demonstrating your commitment to delivering high-quality work and following through on your promises. But surety bonding is about more than just protecting your reputation – it's about protecting the people and communities we serve. When you invest in surety bonding, you're showing that you stand behind your work and are willing to take responsibility for any issues that may arise.
When it comes to coverage, one size does not fit all. At Summit, we recognize the unique needs of each and every contractor so that they can rest assured knowing their risk is accurately identified and well taken care of - both through insurance solutions as well as non-insurance strategies.
Our experienced surety professionals are dedicated to customizing a bond program for you that maximizes potential opportunities in an ever-changing construction industry landscape. With our expertise easily at your fingertips when facing complex challenges associated with securing work - don't look anywhere else!
Why choose Summit?
We help Canadian Business Owners craft the perfect insurance policy for their business.
Our team takes pride in our relentless responsiveness. When you need us, we're here.
We compare rates and coverages across leading insurance companies to ensure you get the best value on your premium.
We craft the perfect insurance policy for your business so you can rest easy knowing you're covered.
Your dedicated account manager is there for you as your business grows ensuring your insurance policy grows with you
Types of Surety Bonds.
There are many types of bonds and surety solutions. Here are a few we deal with.
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Performance Bond
learn moreBid Bond
learn moreLabour Material Bond
learn moreConstruction Bonds
learn moreDeveloper Surety
learn moreLicense & Permit Bonds
learn moreSurety Bonding FAQs
Business Insurance can be complicated. We're here to help.
Surety Bonds are not an insurance policy. Surety bonds are more of a credit agreement than an insurance policy. When you take out an insurance policy, the premium is essentially pooled with other premiums from similarly-insured individuals in case any losses do occur – like pooling money for possible danger ahead; think of surety bonds as a backup line of credit if accidents happen. The bond’s associated fee covers underwriting costs rather than predetermined expenses should misfortune strike since there's no guarantee against loss - though when it does, usually its effects on financial results can be severe indeed!
Surety underwriters carry out a rigorous evaluation process that requires an in-depth analysis of the applicant's financial standing, business acumen, expertise and history. This is akin to banks examining loan applications - sureties also look at personal financial statements, credit reports and references before determining whether or not they should issue bonds. Ultimately it comes down to protecting against potential losses by confirming those seeking assurance are truly deserving of such coverage.
If you want to work with a commercial insurance brokerage that puts people first and values transparency, sustainability, ownership, and impact, then Summit is the right choice for your business insurance needs.
At Summit, we craft innovative insurance solutions that are custom tailored to your business, giving you the confidence you need to succeed. Our team is dedicated to building trust and creating value through open and honest communication. We are in it for the long haul and strive to make a positive impact in everything we do.
So if you want a business insurance partner that shares your values and is committed to helping you succeed, consider working with Summit.
Surety bonds are a type of legal agreement that provide assurance to two parties. A third party, usually an insurance company or other specialized surety provider, stands in between the applicant and obligee with guarantees should any obligations not be met - like a bridge building contractor promising they will complete construction on time for their provincial government client. In short: Peace of mind is why we have surety bonds.
Different surety needs are met by different types of surety bonds. Federal, provincial and local governments often require surety bonds to guarantee that business owners and individuals will comply with various laws protecting public funds. Contract bonds protect taxpayers and private construction owners by guaranteeing that projects will be completed properly, on time and without liens. Many commercial surety bonds protect and secure public funds and private interests. This protection is needed because construction is a very risky business. Contractors fail every year, leaving behind unfinished private and public construction projects – and billions of dollars in losses. Surety bonds offer the best way to protect against the risk of contractor failure. Essentially, they guarantee a contractor’s performance, assuring that construction projects will be built on time and that certain material suppliers and subcontractors will be paid.