On the 2020 Leaderboard of the Merchants Bonding Company, Pinnacle Surety & Insurance Services are winners. The Leaderboard program is exclusive, recognizing the elite surety agents and agencies that are currently demonstrating the commitment and desire to grow with a long-term partnership with Merchants.
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This group is made of all of the professionals across the U.S that offer the best in regards to sureties. Merchants have chosen Pinnacle Surety and will spotlight their agency four times in 2020 in the best industry e-newsletters. These newsletters go to contractors nationally, and the second advertisement has run in the AGC SmartBrief which circulates to over 25,000 subscribers. This includes the leading general contractors as well as the specialty contracting firms. In 2020, Pinnacle Surety will be a part of the agencies that will be recognized in SmartBrief’s top banner spot, which is the place to be for optimal visibility.
Pinnacle Surety: Part Of The Elite
Being recognized as part of the 2020 leaderboard with the Merchants Bonding Company is a privilege for Pinnacle Surety. Our services are varied and we have a wide range of surety bonds to consider. We are committed to investing in long-term partnerships with our clients, and we do it with the service that we offer and our assurance that you will only receive the best, professional advice from us here at Pinnacle Surety.
Let’s take a closer look at some of our services.
Construction Bonds
Construction bonds are not just known as construction bonds, but contract bonds. These are a type of surety bond that will represent an important form of insurance for those in the construction world. Construction work cannot be undertaken without a surety bond and these provide a secure financial guarantee that the costs of your construction project will be covered.
The issuing company of the bond has to guarantee the completion of the work and they do this with specific contractors. The idea is to protect you against bogus work, which is very much a risk! It’s a good business practice to ensure that you have the right construction bonds at all times. You are in charge of your project and if you don’t have construction bonds in place before work commences, you need to consider that you will lose a lot of money as a result of bad working practices.
Bid Bonds
At Pinnacle Surety, there’s a reason we’ve been chosen to be a part of the Merchants Bonding Company’s 2020 Surety Elite – we offer a 24-hour turnaround on our bond program pre-qualifications. We also offer the same service on approval for bid bonds. Unlike other agencies, we only focus on bonding and our experience covers 25 years! Our bid bonds are required of a contractor by a project owner, and it acts as a guarantee that the bidder will be in the contract if awarded the job. The bond also stipulates that the contractor will gain performance and payment bonds to support their contract.
Payment Bonds
Performance bonds and payment bonds are usually required to be together for a construction project. Payment bonds are legally binding and the surety guarantees to the project owner that a contractor will pay everything due to subcontractors and laborers. Payment bonds are also known as labor and material bonds and the amount cannot be less than the penal sum of performance bonds. These bonds are required by law on almost all work projects.
Performance bonds
These are the most common bonds that are required on construction-related projects. These are legally binding where a surety guarantees the obligee and a contractor meets all the terms and conditions that have been set forth in a contract. These are often required by the owner of the project as these will protect them from any financial losses. If the contractor doesn’t pay for the job, the surety performance bond will cover it. A performance bond on a private company will protect the company and its shareholders/investors from any costs that have arisen because of failure by the contractor.
There are some cases where a performance bond will be required from a subcontractor. It’s a wise business practice, and projects are sublet to bid and are given to the lowest contractor. A large bond is needed during this bid process, as this acts as a security blanket to the project owner.
Contact Pinnacle Surety Today
For more information on our bond types, contacting Pinnacle Surety is the best thing that you could do today. As a professional surety bond agency with over 25 years of providing surety solutions, we are wholly committed to long-term, successful client relationships. We take complete pride in our focus being on surety bonds alone: this is unlike other agencies that are multi-line.
We are proud to be a part of the Merchants Bonding Company 2020 Surety Elite, and we are committed to continuing to offer excellence to all of our customers and clients. Contact us today for more information on our bonds and the types of surety bonds that we offer our clients who come to us for more. With our help, you can get the bonds that you need for your project.