Surety Bonds

Confidently manage your surety programs.

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Have you been frustrated by brokers who:

  • don’t provide protection or cost options?
  • make big promises but don’t deliver?
  • don’t communicate with you?
  • don’t assist you in closing claims quickly?
  • don’t understand you or your insurance needs?
  • cannot make your options easy to understand?

At CMB, We’ll protect what matters most like it’s our own

Overcome challenges to secure more work.

As a general or subcontractor, you’re often asked to secure surety bonds or surety insurance by clients – and if you work on a public project, it will likely be a requirement to have.
If you’re not sure what surety bonds are or how they work or what they are, let us explain:
There are two types of Surety Bonds, Contract Bonds aka, Construction Bonds and Commercial Bonds

With all bonds, there is a three party relationship:
  1. Obligee: Entity requesting a bond, typically an owner and/or government body.
  2. Principal: Entity that is responsible for fulfilling the obligation the bond guarantees, typically a contractor or licence/permit holder (your business).
  3. Surety: Entity that guarantees the bond, typically an insurance/bonding company.

Traditionally, when you, the “Principal”, take on a significant size job, you are required to put some sort of a collateral, usually a large cash deposit or some property, as a guarantee for the party hiring you, the “Obligee,” that the job will be done. If you fail to complete your part of the deal, you lose whatever you put as collateral.

But if you can post a bond, you don’t have to put up any funds as collateral, you have obtained “Surety”. The bond itself acts a guarantee, surety, and it satisfies the ‘bonding requirements’ that the hiring party, Obligee, has. This allows you to have the cash flow necessary to get the job done.

In your initial agreement with a bond provider to back you up for the jobs you do, they agree to offer a bond, which is either piece of paper or electronic (E-Bonding) and then you take that document and provide it to whoever that requires it.

Areas We Serve:

  • Alberta • British Columbia • Saskatchewan • North West Territories • Ontario

Products

Why Professionals Trust CMB

When working with a new client, on average our audits uncover $1.5 M of business risk unaddressed and/or assets that have been overlooked.

The right program management can reduce the total cost of insurance by up to 30%.

On average, $20K recovery of lost profit for not-at-fault claims on heavy commercial units.

Your equipment claims settled up to 8 weeks faster than industry.
Savings of at least 10 hours of your time.

Approximately 70% of businesses have unaddressed risk—and don’t know it.
The average out-of-pocket cost of a loss is $280K—preventable on the right plan.

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