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Professional Surety Bond by Insurer: Get Your Quote
Do you need a surety bond for a contract, a call for tenders or a public project, but you don’t go through an insurer? At Assur360, we offer a quick quote service to obtain a bond adapted to your needs by a reputable insurer.
Assur360 your surety bonds
Assur360 assists entrepreneurs and SMEs in Quebec for their surety insurance needs: RBQ license bonds, bidding, execution and payment bonds for labour and materials, as well as bonds related to commercial leases and imports.
We quickly compare options for your public and private projects to secure your contracts at the best total cost. Since 2014, more than 100,000 insurance quotes have been completed since our inception and thousands of satisfied customers, which underline our clarity on the requirements of the clients and our speed of processing (often within 24–48 hours depending on eligibility). As a broker registered with the AMF, Assur360 accompanies you from the application to the issuance of the bond.
Surety bonds for all activities
In the business world, certain concepts such as surety bonds are often used. It is an agreement that stipulates that the endorser, i.e. an insurance company, guarantees to the beneficiary, in this case the client, that the debtor or the contractor will ensure the execution of the work, in accordance with the obligations and clauses stipulated in the contract.
This agreement is a financial tool much more than an insurance product. Unlike the insurance policy where there are two contracting parties, the guarantee contract involves three parties who are the endorser, the beneficiary and the principal debtor.
Contract Bond
Contract bonds are a guarantee of contract performance and benefit general contractors, subcontractors, service contractors, heavy equipment contractors, suppliers, manufacturers and trade contractors.
Whereas directors’ bonds ensure that the people appointed by the courts for the management of estates will take care of them with integrity. These include administrators, guardians, committees and executors.
Miscellaneous Surety Bonds
On the other hand, various surety bonds ensure that the obligations of the various levels of government are met. They cover licences and permits, as well as customs and excise. Lost document guarantees, on the other hand, benefit companies that provide replacement documents following loss, theft or damage to share and bond certificates of a public or private authority, as well as a state-owned company.
RBQ Surety Bond
The RBQ bond is required in the building and construction sector to obtain a licence from the Régie du Bâtiment du Québec or to activate the warranty on new residential buildings. It may also be necessary to carry out work or to obtain a bid or a letter of intent. It is also essential for the regulation of labour and materials, as well as for correcting deficiencies and construction defects.
Professional transport guarantee
Companies operating in the transportation sector may need a surety bond. This can be useful for them to obtain a mandate to transport schoolchildren, social and leisure groups. As it can be used for the payment of customs duties.
For the vehicle trade
Dealers of new or used vehicles are likely to use a surety bond to obtain a licence from the Société de l’assurance automobile du Québec.
Suretyship
Companies may be required to issue a commercial bond in order to obtain a licence or to manage the contractor bond file. To succeed in such an approach, the assistance and support of a specialist like the Assur360 team can be very useful.
Indeed, such a professional brings his know-how and skills to advise the entrepreneur and negotiate the most favorable conditions for the issuance of the bond, according to his needs and requirements. It should be noted that the surety bond offers the possibility to certain structures to qualify for the performance or performance of contract work or to meet a given regulation.
There are two types of surety bonds, namely the construction industry surety bond, which is an insurance that the company will perform the work it has committed to. In addition to the bond relating to the obligations of the licenses and permits and which represents a guarantee that the activities and works will comply with the laws and regulations in force.
Generally speaking, the companies that use the guarantee are those that have to respond to calls for tenders. For its part, the company that offers this type of product takes into account a number of decisive factors, namely the reputation of the company, the accumulated competence and experience, the financial history, the credit file, the solvency of the structure, the banking transactions, the clauses of the specifications, as well as the applicable laws and regulations.
The use of Assur360’s services is explained by the extensive experience of the brand’s brokers in this type of operation. And as a result, they can advise and assist the client in the various steps to successfully conclude the guarantee file. They inform, advise and answer the various questions of the customers, all with clarity and professionalism.
Bonds for lost documents
Losing your documents can be very stressful and complicated. Fortunately, there is a simple and convenient solution to replace your documents quickly: lost document bonds. If you’re looking for a practical guide to understanding this type of surety bond and using it effectively, we’ve got you covered. Our comprehensive guide will help you replace your documents with peace of mind.
Replace your documents with peace of mind
By using Lost Document Bonds, you can quickly and easily replace your lost documents. Our handy guide explains how to use lost document bonds effectively, how to find the best deals from insurers, and how to avoid the most common pitfalls. You will be able to replace your documents with complete peace of mind, without having to worry about possible fraud.
Benefit from expert advice to make your efforts a success
Our practical guide also contains expert advice on how to succeed in your document replacement procedures with complete peace of mind. You will discover how to assess the quality of insurers, how to properly prepare your guarantee application file and how to negotiate the most advantageous conditions. This will allow you to obtain the best financial guarantees to replace your lost documents.
Lost bond: help from an insurance broker
Lost document bonds are a convenient way to quickly and easily replace your lost documents. By following the advice of a partner insurance broker, you will be able to understand this type of guarantee and use it effectively to succeed in your efforts with complete peace of mind. So don’t hesitate, check out our complete guide to lost document bonds now and take advantage of advice from an insurance broker to replace your documents with peace of mind.
FAQ
Why do I need a bond from the RBQ?
In Quebec, the Régie du bâtiment du Québec (RBQ) requires a surety bond to guarantee the financial obligations of contractors for construction and renovation. This may include financial obligations associated with the construction or renovation of buildings, such as repairs to damage to third parties or real property, site reclamation costs, or costs related to the closure of a construction site.
The guarantee can take the form of a bank guarantee, a civil liability insurance or a guarantee fund. The amount and type of bond required depends on the type of project and can vary depending on the complexity and value of the project.
The bond requirement is in place to protect owners, customers and third parties, and to ensure that work is carried out responsibly and in accordance with building standards. Contractors should work with insurance brokers or financial service providers to understand the requirements and obtain the appropriate bond for their project.
What is the difference between a surety bond and insurance?
Answer: Surety bonds are specifically designed to secure the performance of contractual or legal obligations, while insurance typically covers losses due to unforeseen events like accidents or natural disasters. Surety bonds usually involve three parties (the creditor, debtor, and insurer), while insurance usually involves two parties (the insurer and the insured).
What documents are needed to apply for a surety bond?
Answer: The documents required may vary depending on the type of bond and the insurer, but they often include financial statements of the company, information about the personal and professional history of the executives, and details about the contract or legal obligation to be covered.
What is the difference between an RBQ licence bond and a performance bond?
The RBQ bond is required to obtain a construction contractor’s license in Quebec — it guarantees your compliance with legal obligations. A performance bond is required on some contracts to ensure that you will deliver the work on the agreed terms.
How much does a surety bond cost in Quebec?
The cost of a surety bond varies depending on the type, amount required, and your financial profile. For the RBQ, the annual premium is generally 1% to 3% of the guaranteed amount. For a $20,000 bond, that’s $200 to $600 per year. Get a quote with Assur360.
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