Surety

Wolf Point Advisors Tall Services Surety

Specialized solutions for your surety program.

Surety programs can be the Achilles heel for a company. However strong, organized surety programs aren’t a myth. Our experienced underwriting team’s process looks to

  1. Analyze your previous bonding program for unaddressed areas

  2. Advise on unique solutions to ensure success with surety carriers for your present 

  3. Build and secure your bonding program for the future

Surety Services

  • Payment & Performance
  • License & Permit
  • Wage & Welfare
  • Protection & Distribution

Payment

Guarantees that suppliers and subcontractors will be paid for materials and labor furnished to the contractor. The owner’s purpose in requiring a payment bond is to guarantee that the project will be delivered free of liens.

Performance

A performance bond guarantees that the contractor will perform the work in accordance with the construction contract and related documents, thus protecting the owner from financial loss up to the bond limit (called the penal sum) in the event the contractor fails to fulfill its contractual obligations.

© 2000-2015 International Risk Management Institute, Inc.

Required by a municipality or other public body as a condition to granting a license or permit to engage in a specified activity, this bond guarantees that the party seeking the license or permit (the obligor) will comply with applicable laws or regulations. These bonds can also be structured to provide indemnity guarantees to third parties who sustain injury or damage as a result of the obligor’s activities as described in the license or permit when such a guarantee is required. For example, businesses that hang signs over public sidewalks may be required to provide indemnity guarantees for injuries to pedestrians.

© 2000-2015 International Risk Management Institute, Inc.

Usually added by rider to a fidelity bond, this coverage protects funds and property in employee (labor-management) welfare and pension plans against loss by reason of acts of fraud or dishonesty on the part of administrators, officers, and employees of such plans. Bonding is required to safeguard these funds under the terms of the Federal Welfare and Pension Plans Disclosure Act. A guideline of 10 percent of the aggregate amount of funds handled, subject to a $1,000 minimum and a $500,000 maximum, is generally used to establish the required amount of coverage.

© 2000-2015 International Risk Management Institute, Inc.

Production and Distribution

More to come. Thank you for bearing with us while we’re under construction.

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