
A Surety Bond in Connecticut is an agreement in which one party, “a Surety”, guarantees another party’s, “the Principal’s”, performance or obligation to a third party, “the Obligee”, by issuing a surety bond.
All Types of Bid & Performance Surety Bonds Available for:
AL, CT, DE, FL, GA, KY, MD, MA, MS, MT, NC, NH, NJ, NY, PA, RI, SC,TN, WV, VA, DC
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(877) 328-1230
Buy Connecticut Bid Bonds & Performance Bonds Online
Providing Our Connecticut Clients Personal Service And A Customized Approach To Underwriting For Over Thirty Years.
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Why Choose The Service Insurance Company Inc. For Your Bid & Performance Bond in Connecticut?
New and Existing Clients Get Prequalified For a Bonding Line and Complete a Bond Request!
1
Service’s Exceptional Customer Service
For over 30 years, Service has been dedicated to providing customized surety solutions and exceptional customer service to small, mid-sized, and emerging businesses. Because Service is privately owned and operated, our clients have direct access to the decision makers who will respond to surety bond requests immediately, without the bureaucracy and multiple approval authorities required by most large surety companies.
2
Our Underwriting Philosophy
Service often considers more than just financial statements and credit scores when making underwriting decisions. Service’s philosophy of flexibility and responsiveness in our underwriting has led to strong long-term relationships with our clients. As a result, we continue to “grow with our clients” allowing larger bonding lines beyond the initial bonding request! The Service Insurance Company has an A rating with A.M. Best and is Treasury listed.
Applying for a Contractor Bid and Performance Bond in Connecticut involves a few steps, typically through a surety company submitted by your insurance agent. Here’s a step-by-step guide to help you through the process:
Step-by-Step: How to Apply for a Bid and Performance Bond
1. Understand the Bond Types
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Bid Bond: Ensures that if you’re awarded a contract, you’ll honor your bid and enter into the contract.
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Performance Bond: Guarantees that you will complete the project according to the contract's terms and specs.
2. Find a Surety Bond Provider
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Look for:
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Insurance companies that offer surety bonds.
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Specialized surety bond agencies or brokers.
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3. Prepare Your Documents for the application process (consider avoiding credit score-only online bonding programs that don't require financials)
You’ll likely need:
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Complete the Bond Application
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Contractor details (name, license, tax ID)
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Project details (owner, size, type, location)
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Bid amount and estimated completion time, delay damages & other damages
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Requested bond amount (usually a % of contract), check specs & check for special forms required, and other required items such as special insurance coverage, which may be difficult and costly to obtain
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4. Financial statements (business and personal)
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Current projects and backlog
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Bank reference letter, recent bank and credit line statements
5. Underwriting and Review
The surety company will assess:
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Your capacity to do the work
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Your financial strength
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Your business and personal credit standing
6. Your Bond
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For a bid bond, this is submitted with your bid package. Check the bid package for special terms and conditions that may negatively impact you and evaluate the risk of moving forward which can include high liquidated and consequential damages.
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If awarded the project, you’ll then provide a performance bond (and often a payment bond) before work starts.
7. Pay the Bond Premium
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Bid bonds are usually low-cost or free if you have a relationship with the surety.
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Performance bonds typically cost 1% to 5% of the total contract value and depends on duration and complexity of the project and your financial and credit standing and track record. Important to know these details when bidding.
Find a Surety A rated or higher by A.M. Best and included on the Federal Treasury Department List of approved surety companies. The Service Insurance Company is a provider of bid and performance bonds and is A.M. Best rated (A) and is approved by the Federal Treasury Department.
Most surety bond companies require CPA certified financial statements when bond sizes go beyond the $500,000 to $1,000,000 threshold. The Service Insurance Company bonds projects in the in excess of $1,000,000 and does not always require CPA certified financial statements. Set up a meeting with a Service Insurance underwriter and find out how they can help you grow your business. Service has been helping contractors grow their businesses' using bonding as a tool for over 30 years.
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We Are Here To Answer Any Questions You Have. Contact Us: (877) 328-1230

CONTACT US
(877) 328-1230

OUR OFFICES:
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New Jersey
80 Main Street, Suite 330
West Orange, New Jersey 07052
(973) 731-7650
New York
35 Pinelawn Road, Suite 111E
Melville, New York 11747
(631) 343-4304