Los Angeles Supply Bond Agency: Online Application Services Updated
The recently updated services enable suppliers who are required to purchase supply bonds to apply easily and find the most suitable bond program. For added convenience, suppliers can go to the Surety Bond Professionals website to request a quote and start their application process.
For more information, visit https://www.suretybondprofessionals.com
The agency’s announcement coincides with an article published in the New York Times about the 6.1% increase in construction projects in 2023 and the industry’s 4-5% projected growth in the next five years. Surety Bond Professionals can help suppliers take advantage of the trend by securing the most competitive bonding program for them.
When determining the cost of the supply bond, the most important consideration is the required dollar amount of the bond, which is set by the contractor. Another critical factor is the financial status of the supplier, including their credit rating, reliability, experience, and performance in previous projects. All these indicate how much risk the contractor needs to take, which will, in turn, predict what the supplier’s premium will be. With a good credit rating and reputation, the supplier can get a premium rate of 0.3-2% of the bond amount.
About the Agency
Surety Bond Professionals has access to over 25 surety markets, giving their clients a wide array of surety programs with flexible payment terms and maximum bond limits. Using a proprietary screening method and underwriting process, they can assess clients faster and without excessive paperwork.
Some documents they require clients to submit include financial history, credit information, a complete list of previous projects, and detailed information about the current project.
“We are a bond-only agency that is family-owned and operated. We view our clients, underwriters, and employees as our “business family” and strive to provide them with the highest level of service and care. We believe by taking this approach we can all be successful together,” a representative said.
Interested parties who want to know more about supply bonds may visit https://www.suretybondprofessionals.com
Surety Bond Professionals, Inc.
+1-781-559-0568
205 Union Street
United States
COMTEX_435884872/2764/2023-06-23T18:56:37