Secure your bid and performance bonds in minutes!
Designed for small and emerging contractors, the underwriting of our FastBond program is primarily credit based. This allows for quick processing of the bond with little underwriting information.
Old Republic Surety's FastBond program targets fast turn projects for all construction trades, so long term obligations such as service contracts cannot be handled in the program. In addition to credit history, our underwriting relies heavily on the agent’s knowledge and recommendation of the contractor.
Up to $750k with credit only underwriting
Up to $1.5MM single or aggregate with financial information
New streamlined, easy to use application
DocuSign electronic signatures accepted for FastBond Indemnity Agreement
Licensed in all 50 states
All construction trades considered
Rate is $30/M of contract amount
Will consider site improvement bonds up to $200k
Bid bonds guarantee that a contractor that is awarded a contract subsequently enters into the contract and also provides any required performance and payment bonds. The amount of a bid bond is usually a certain percentage of the price of the contract.
Qualification for a bid bond demonstrates to the project owner that the contractor should be qualified to undertake the project.
A maintenance bond, sometimes also referred to as a warranty bond, guarantees the workmanship of a contractor for a given period of time after the project has been completed. Maintenance bonds guarantee against defective workmanship or defective materials.
Maintenance bonds are not usually required, but can be requested by the owner of a construction project.
A payment bond provides a guarantee that the contractor will pay the complete costs of labor, materials, and other services related to the project for which the contractor is responsible according to the construction contract.
Performance bonds guarantee that the contractor completes a project and fulfills certain obligations of the contract. Project owners can be assured that the contractor has been evaluated through underwriting, and that all elements are in check for the contractor to be able to meet this obligation.
SBA Surety Bond Guarantee Program
The U.S. Small Business Administration’s Surety Bond Guarantee program has helped small and emerging contractors who lack experience and financial strength to obtain bonds through regular commercial channels. The SBA guarantees bid, payment, and performance bonds issued by select surety companies, allowing contractors who otherwise would not meet their minimum standards to obtain bonds.
Old Republic Surety is pleased to partner with the SBA as a “Prior Approval” surety, providing bonds up to $10 million for federal projects and up to $6.5 million for any public or private contract or subcontract project.
SBG Program Is a Good Fit For:
Start-ups & firms in business less than 3 years
Firms with limited financial resources or job history
Firms wishing to increase current bond limits
Firms desiring to replace/reduce collateral
Subcontractors interested in establishing capacity
Construction, Service & Supply Firms
$8 million revenue limit for some services such as landscaping
$16.5 million limit for most specialty trades
$39.5 million limit for heavy construction
Ownership variables, good character & reasonable expectation of completion
Contractor was unable to obtain bond elsewhere with reasonable terms