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City of Vaughan contractors and business owners that are looking for bonding insurance can turn to Oracle RMS to get them started. When looking for surety bonding insurance in Vaughan, it’s important to have a broker that understands the complexity of the bond marketplace. Oracle RMS has extensive experience in this type of insurance product through years of providing bonding insurance for companies of all sizes.

Bonding insurance in Vaughan is simply a financial agreement between two individual groups. These are typically a contracting business and owner of the project, which will provide financial security in the event of a default for the party that is hiring an entity to complete a job. By having surety bonds, they will provide protection from fraudulent companies and other devious actions.

Bonding insurance in Vaughan includes two common forms of surety bonding:

Commercial Surety Bonds: These types of bonds guarantee that any government body, financial institution or private corporation’s security requirements are adhered to. In addition, 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.
Construction Contract Surety Bonds: This is one of the most common forms of bonding used in a construction setting. This set of bonds will protect the 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. Typically, the surety bonds that are used most often are a Bid bond, a Performance Bond and a Labour and Material Payment bond.

At Oracle RMS, we provide specialized bond facilities in Vaughan, which makes us different from any other general insurance brokerages. Not only do we have an excellent reputation in providing superior service and specialist knowledge in the City of Vaughan, we also make sure that your bond facility is current, as we are constantly tracking changes within the construction industry.

By partnering with Oracle RMS, we will provide the surety bonding services below:

Custom-tailored solutions that best suits your bonding requirements with respect to larger and specialized projects, bonding of sub-trades, joint ventures and bond claim handling and disputes
Information on contract reviews, current surety bonding procedures and bond company appetites
Underwriting our clients’ bonding programs internally in order to maximize your bond facility
Power of Attorney and in-house bond authority to issue bonds in time sensitive environments
Solid business relationships and connections with all major bonding insurance carrier markets

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If you are a contractor and business owner based in the City of Vaughan, it is important to have bonding insurance. Rest assured knowing that Oracle RMS will be able to help provide bonding insurance in the City of Vaughan for you and your business. Contact our Oracle RMS licensed brokerage today!

Should you have any further questions regarding your insurance quote for Richmond Hill or surrounding areas, please feel free to contact us and one of our representatives will gladly assist you.