Bonding Insurance in London
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London Bonding Insurance with Oracle RMS
Are you a contracting and/or construction commercial business that is located in London? Are you looking to include surety bonding insurance with or for your upcoming projects? If so, you should know how important it is to work with a licensed broker with the right expertise and knowledge of the complexity of the bonding market.
The City of London has a population of 494,069 people and is located in southwestern Ontario. It is the halfway point between Toronto and Detroit and is the largest southwestern Ontario municipality. In addition, the City of London ranks as the 11th largest metropolitan area in Canada. Due to this recognition, the City of London continues to grow in population, opening up many job opportunities, specifically in the construction industry. In fact, the construction industry in London has over 16,500 employees.
Having that significant amount of London employees in the construction industry allows many job opportunities in the city, as well as bid opportunities for surety bonding. With that being said, it is important for construction and/or contracting businesses in London to have bonding insurance. By having this additional type of insurance to your business, you will be able to apply and bid for more jobs in London. It is also a requirement from the City of London; therefore, bonding insurance in London is essential to have.
Once you have successfully purchased bonding insurance, you may now officially begin bidding for potential projects that can be within your region or city. It should be noted that bonding insurance includes two common forms of surety bonding:
Construction Contract Surety Bonds:
One of the most common forms of bonding used in a construction setting. It is set in place to protect owners and suppliers from the consequences of a contractor defaulting on a project. Such bonds are a guarantee from the Surety to a project Owner that the Contractor will follow the direction of the contract. Bonds that are used most often are the Bid bond, Performance Bond and Labour and Material Payment bond.
Commercial Surety Bonds:
These types of bonds guarantee that any government body, financial institution or private corporation’s security requirements are adhered to and that any financial risk is protected via legal compliance by the principle. Monetary losses, fraud and/or misrepresentations are a few areas that offer protection to the end user. Whether customers are shopping for a better bonding insurance policy, are informed about their upcoming bonding policy renewal or are looking to save money on their current policy, overall, it is important to be informed about bonding insurance and how a policy works.
The Right Coverage For You
At The Best Price
In Need of Insurance for Bonding? We Have You Covered
In London, when you purchase Bonding Insurance with Oracle RMS, we’re certain that your bond facility is current as we are constantly monitoring changes within the construction industry. In addition, we provide specialized bond facilities which separate us from a general insurance brokerage.
By partnering with Oracle RMS, we provide excellent customer service and work hard to get you the lowest bonding insurance rates in London that best suit your unique needs. We are proud to be partnered with a wide range of specialty bonding insurance companies who can provide a variety of bonding facility insurance quotes for all London business owners.
At Oracle RMS, you will work along with one of our licensed brokers to help guide you through the quoting process. They will make sure you understand all the insurance jargon and information up to the last detail of your home policy before you’ve made the final decision.
Bonding Facts in the City of London
Some of the following bid opportunities in the City of London include landscape maintenance, winter maintenance, traffic signal rebuilds, municipal parking lot upgrades and many more.
The City of London has launched a new online service for new project opportunities which will make it easier for vendors to review, register and submit bids.
For a list of bid opportunities in the City of Hamilton, click on this link: https://london.bidsandtenders.ca/Module/Tenders/en
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