In the dynamic world of construction, having options may be a strategic advantage. That’s why we offer contractors a Back-Up Contract Surety Program. This is non-disruptive way to protect you against unforeseen changes in your broker and surety relationships, with your needs as a business, and with changes in the surety marketplace.
A back-up surety program is a secondary bonding relationship that complements your primary surety arrangement. It does not replace your current agent, broker, or surety. It provides an additional layer of security and flexibility.
Why Consider a Back-Up Program?
Continuity in Changing Circumstances
Relationships evolve. Whether your current agent retires, your current brokerage sells, or your carrier shifts underwriting appetite, a back-up program keeps you from scrambling. You have a trusted alternative ready to step in.
Your relationship with your broker could change. 400,000 workers will retire from the surety and insurance industry in the next five years. In 2024, 811 insurance agencies sold to private equity, banks or public brokers. You need a team that can step in following an unexpected change.
Increased Flexibility as You Grow
As you grow, your current surety may hit internal limits. You need an option if you encountered that problem. You may want to consider larger projects, enter new markets, or consider more complex jobs.
- Stronger Relationship – Surety relationships are built with time and trust. To prepare for the unexpected, it is beneficial for you and a prospective surety to know each other before you need them.
- Market Shifts – Appetites and people change. A surety that supports you today may pull back tomorrow.
- Second Opinion – A second opinion is likely to validate that you have what you need, but it could expose opportunities for improvement.
Dominion Risk Advisors’ team has over a century of experience in working with contractors. We are actively engaged in the industry and have the surety relationships that allow our construction clients to thrive. Please contact your Risk Advisor (540-366-7475) to schedule a time for a back-up surety option. We will always respect your current relationships.