Third-Party Construction Project Insurance Solutions
Strategic partnership to ensure a bonded guarantee
When you sign a contract, you follow through and complete the work. But sometimes, you need a partner that will back you up with a bonded guarantee.
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.
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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.
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.
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.
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.
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.
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.
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.
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The BFL CANADA advantage
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.