Where Can I Get A Bill 142 Surety Bond?
With the passing of of Bill 142, the Construction Act of Ontario effective July 1, 2018 many contractors are asking where can I get a bill 142 surety bond as performance and payment bonds are now required for all public construction projects over $500,000. This change means many Ontario contractors who previously weren’t required to get a bill 142 surety bond are now asking where can I get a bill 142 surety bond to comply with the new act. Thankfully the experienced team at ALIGNED Insurance can help and is a trusted insurance broker for bonding for contractors across Canada and will work quickly to ensure you have the bonding facility so any/all bonds needed are issued quickly and efficiently so you don’t lose out on a job and can stop worrying about where can I get a bill 142 surety bond? There are also some great resources available on the Surety Association of Canada Website including copies of the bill 142 bonds themselves.
What Information Is Needed To Get A Bill 142 Surety Bond?
When underwriters are evaluating whether or not they want to offer bonds to any client they primarily consider the 3 C’s.
- Capacity – does your organization have the skills, relationships, capabilities, to complete a job.
- Capital – is the company financially stable for all the jobs they have on the go.
- Character – what’s the contractors reputation, history, track record with other contractors, customers, litigation, employees, etc.
|ALIGNED Across Canada 100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.