How soon can I expect a quote or commitment for a contract surety bond?
Do not delay in contacting your insurance agent once you determine that a bond is required. The surety underwriter will require details about the project as well as some information regarding your past history with jobs of a similar nature plus some financial information, this process may take from two to four weeks in order to obtain a quote. There are a few surety companies that use a fast track application which is usually reserved for contracts of $100,000 or less, without any hazardous materials used or operations such as asbestos abatement. Your insurance agent can usually advise you if you might qualify for this type of program which could result in an answer within a few days.
