Bonding Insurance (Surety Bonds)
BFL CANADA is your best resource when you need a surety bond in Canada, the United States or anywhere in the World, to provide you with the bonds that allows you to get that contract that you want.
At BFL CANADA, we have the answer to the question: “How to get bonded?”
Our years of expertise and strong relationships with bonding companies and knowledge of all types of bonds, make it possible to access a vast array of contract obligations. If you have a unique contract that needs to be guaranteed, talk to us about how we can help with the bond that will suit your unique situation.
Discover your coverage solutions
Whether you are an independent contractor, managing a large firm that subcontracts work, or a multinational manufacturer/supplier, BFL CANADA can provide you with a surety bond solution that meets your needs.
To find the right product, our team of highly experienced professionals have partnered with all major Canadian surety companies. These partnerships also enable us to provide insurance bonds in the United States and internationally.
BFL CANADA is also an active member of the Surety Association of Canada.
PRE-QUALIFICATION LETTER
A pre-qualification letter is not a bond, nor is it a legal commitment. It is a letter from the surety to the owner that confirms the “bondability” of its contractor client. By issuing this letter, the surety is acknowledging its business relationship and familiarity with the contractor.
A pre-qualification letter is not binding.
CONSENT OF SURETY
A consent of surety is also commonly referred to as an agreement to bond. It is a legal commitment, but it is not a true bond as it is only executed by the surety, not the contractor.
It confirms to the project owner that should the contractor be awarded the job and execute the contract, the surety will provide the performance and/or payment bonds as per the terms outlined in the consent of surety. BUT, it is not an assurance that the contractor will enter into the contract, nor that the contractor will enter into the contract at the price quoted in the tendering process.
BID BOND
A bid bond is the most commonly used risk management tool at the tender stage. It is a legal instrument, enforceable by law and is a three-party agreement with specific obligations required by each party. A bid bond provides assurance to the project owner from the surety that the bidder is not only qualified, but they will take their tendering obligations seriously and will follow through on their commitments.
PERFORMANCE BONDS
A performance bond guarantees that the contractor will perform its obligations under the contract in accordance with the contract’s terms and conditions. Performance bonds are typically in the amount of 50% of the contract amount, but can also be issued for 100% of the contract amount.
LABOUR AND MATERIAL BONDS
A labour and material payment bond guarantees that the contractor will pay all claimants for goods and/or services supplied for the bonded project. A claimant under a labour and material payment bond is a trade contractor or supplier who has a direct contract with the bonded contractor to supply goods or services to the bonded job.
PROFESSIONALS IN COMMERCIAL SURETY
Some municipal, provincial and federal entities request licenses and permit bonds for specific industry/business operations depending on the risk for the public.
It is difficult to list all our products because we design many custom products.
Please refer to your region license and permits bonds.
Representatives available across Canada
The BFL CANADA advantage in a competitive market
BFL CANADA has achieved extraordinary growth because of our consistent ability to perform and deliver due to our expertise, professionalism and dedication, as well as our entrepreneurial culture. This culture and work ethic have driven our growth and attracted organizations with which we have established meaningful and mutually beneficial partnerships.
WHY DOING BUSINESS WITH BFL CANADA IS IN YOUR BEST INTEREST?
We are insurance and surety brokers, we don’t work for a surety company. We work for you, we are part of your team!
- We negotiate on your behalf to get the highest bonding limits, and best rates and terms.
- We deal with all major surety companies.
- We work with our clients to develop tailor-made solutions adapted to their reality.
- We have offices across Canada to meet your local needs and partners in over 140 countries for your global ambitions.
- We are solution seekers for companies of all sizes and every industry.
At BFL CANADA, we help our clients get peace of mind and achieve their goals. As your surety brokers, we canvas the market to find you the best surety solution.
