How do bonding companies evaluate job risk?
Risk is a part of life, and that’s especially true in the contracting industry. So how do surety bond companies evaluate project risk?
Having aided our clients with surety services for more than thirty years, we have gained valuable insights from our contractor clients. One of the most significant insights we’ve gained pertains to how a large successful contractor evaluates project risk by considering three critical factors.
Our top priority is to ensure your success and to achieve this, we begin by evaluating whether a contractor is operating within their area of expertise and whether a project can be profitably delivered. We’ll need to get comfortable with a contractor’s relationship with the project owner, the geographic territory, and the type of project. By understanding these factors, we can enhance our ability to serve you and help you seize profitable project opportunities.
Check out this two-minute video from Tony DeMartino, Surety Bond Producer at Anderson & Catania Surety Services, LLC., and let’s start a dialog about your surety credit needs.