Bond Trends Of 2014
April 23, 2014
Green energy seems to be the buzz word lEnergySavingately. Even in our bond department green energy seems to be a topic of conversation that is keeping our bond experts busy! Currently in the works are performance and payment bonds for solar contractors. Performance and Payment Bonds guarantee the job will be performed as agreed upon. They can be an integral component in the bidding process for contractors attempting to secure key jobs, especially when those jobs are with large commercial entities or municipalities. One of our solar contract clients has been installing residential solar panels for years. Now they are seeing more large commercial solar projects. In fact, this particular contractor recently secured a job which required them to be bonded for the job. This was their first bond requirement ever! When they spoke with their Agent at Watkins Insurance Group, they were connected with our bond department who has worked with them through the process.
In addition, we are seeing some activity for contractors being hired by cities and school districts to change out all lighting fixtures in their buildings to conform to new energy standards such as having CFL bulbs instead of traditional incandescent and fluorescent fixtures. It is very customary for municipalities and large entities like school’s to require any contractor they hire to be bonded for the job they are to do. Our bond department is seeing an increase in the need for bonds for these types of projects. We can help with these forms of surety bonds as well!
The most important thing to remember is that if you have a bonding need, please give us a call. We will connect you to our bond department so that an expert can learn more about your bonding need and secure quotes. Our goal is to help you secure the job!