Contractors Bonding & Insurance Company – Surety Spotlight
As part of our surety spotlight series, we will be profiling surety’s that commonly write or have written contractors license bonds in California to help contractors have a better understanding of the surety’s they do business with. Today’s spotlight is Contractors Bonding & Insurance Company (CBIC).
Contractors Bonding & Insurance Company was founded in 1979 and became a subsidiary of RLI in 2011. As an insurer with multiple niche’s, CBIC specializes in property and casualty insurance products as well as surety bonds, which it writes for all 50 states according to their website. As would be expected from their name, they do serve the insurance and bonding needs of contractors regularly with over 30,000 contractors insured nationwide. With a specialty in medium size contractors, CBIC also offers an array of surety bonds for contractors including Bid, Performance and Material Bonds in addition to License Bonds.²
Contractors Bonding & Insurance Company Financial Rating:
A+ (Superior) by A.M. Best Company²
Of note, according to an article published by the Insurance Journal¹, CBIC has been profitable in 29 of 33 years, which is generally a solid indicator of consistently sound underwriting guidelines. Financial ratings do change over time. For the most up to date financial rating of CBIC, please check A.M. Best or another financial rating institution.
Below is the contact information for Contractors Bonding & Insurance Company. Please keep in mind that they have multiple locations geographically located throughout the U.S, though their headquarters is in the Pacific Northwest.
Surety Code: G09
P O BOX 9271
SEATTLE, WA 98109-0271
PHONE NUMBER: (800) 765-2242 or (949) 341-9110
California Contractors License Bond Status
The CSLB provides a publicly available list of all approved surety’s that underwrite contractors license bonds in California. According to the most recent CSLB publication on approved surety’s, Contractors Bonding & Insurance Company is active. For a complete list of surety’s on file with the CSLB, please click here³.
By Jeremy Schaedler
²CBIC Website (www.cbic.com), ³Contractors State License Board, A.M. Best
¹Insurance Journal, December 23rd 2010. “RLI To Acquire Contractors Bonding Insurance Co”