CONTRACT SURETY

The IFB Insurance Services, LLC makes sure that no barriers are too big for small and emerging construction contractors. We help our clients overcome their business challenges by providing the surety needs that can propel their business in the right trajectory. We provide our clients with:

One-on-one counseling. We understand the role of surety bonds is in the construction industry. Clients who are approved for surety bonds appear more credible as they are considered capable of completing projects and delivering the required end product. We make acquiring a Surety Bond Guarantee easier by completing a comprehensive analysis of our clients’ surety bond readiness and by providing them with one-on-one counseling, in the comfort of their office or ours.

Back office assistance. We are committed to helping small and emerging construction businesses develop their management, organizational and financial skills; as these are among the factors considered when applying for a surety bond.

Referrals. We will help you get approved for a surety bond that you can use when you apply for a construction license, bid on a government project or complete your current construction project. We also collaborate with our clients to provide access to a network of professionals, including lawyers, accountants, lenders and engineers, who can offer them sound advice on how to grow your business and procure additional capital.

Technical assistance. Besides strategic consulting services for emerging construction contractors looking to hold a surety bond, IFB Insurance Services also offers technical assistance to Minority and Women Business Enterprise (MWBE), Disadvantage Businesses (DBE) for working with local, state, and federal agencies

Certification Services. We work with our clients to get MWBE, DBE, GSA, 8A certified.

PRODUCTS

BID BOND

A bid bond is provided to the Obligee/Owner by the contractor as assurance that if the contractor is the successful bidder the contractor can provide a payment and performance bond. If the contractor is the successful bidder and decides to not enter into a contract, therefore failing to provide a payment and performance bond, then the owner can make a claim on the bid bond for the difference between the contractors bid and the next lowest bid, or the amount of the bid bond (5% to 20% of the bid amount) whichever is less.

LABOR AND MATERIAL BOND

A bond which ensures that all of the persons who provide materials, labor, or services on a contract will be paid.

MAINTENANCE BOND

Maintenance bonds are used when an owner wants a warranty period beyond one year. A warranty period can be extended for an annual fee, but sureties generally do not go beyond a total of two or three years.

PERFORMANCE BOND

A bond which ensures that the terms of a contract, will be performed and completed by the Principal/Contractor.

SUPPLY BOND

Supply bonds guarantee that ordered materials will be delivered. Such bonds generally are employed if an item is critical, time-sensitive, hard to find, or proprietary. Supply bonds may guarantee only a purchase order, so the terms and conditions of that order should always be carefully drafted.

SUBCONTRACTOR BOND

A Prime or General contractor will require from their subcontractors the same types of bonds required by the owner. This will usually take place when the sub trade is critical to the project, the sub’s price was much lower than its competitors, the sub is not well-known to the general, or the general’s surety requires the bonding of some or all subs as a precon-dition to bonding the prime.

DOT STREET AND OBSTRUCTION BONDS

Street and Obstruction permits work in New York City streets, from utilities and contractors installing, replacing and repairing underground infrastructure to developers replacing roadways and sidewalks adjacent to building sites and homeowners performing their own sidewalk repairs.