A surety on a performance bond guarantees to the project owner that the construction contractor will perform the contract fully, in accordance with its terms and conditions.
In parts one and two of this three-part series, we learned that, while commercial auto insurance can seem complicated, understanding the companies, coverages and services available to you is the key to making an informed decision for your business.
Reviewing job contracts and subcontractor agreements is a tedious, time consuming job. While someone in your back room tries to decipher a contract’s confusing language, your efficiency slows and profitability declines. Failure to manage these activities at all will help increase efficiencies, but it also puts you at risk for unintended gaps in insurance and the potential for costly claims. Having to choose between inefficiencies and risk isn’t much of a choice, but what else can you do? The solution is surrounding yourself with good people. Job Contracts In the construction industry everything is dictated contractually. It starts with your insurance policy, which is little more than a contract between you and your insurance company of choice. This agreement affords you certain rights and privileges,…