Not all contractors have had an easy road to prosperity following the catastrophic affects of the last recession, but one positive turn of events has been the robust level of competition between surety’s actively competing for contractors bonding business in California. The influx of surety competition has led to more bonding options, including State National Insurance, which is welcome news to many blue collar professionals who may have been hit especially hard by the effects of the last downturn. How long this period of prosperity will last is anyone’s guess, but for the time being, the market conditions for contractors and surety’s seems to be much better than in the not so distant past.
The evolution of the contractors license bond market in California has changed dramatically following the great recession of the last decade and subsequent rebound of the construction economy in recent times. Many contractors had become accustomed to having few bonding options with premiums well over triple digits for those with challenged credit. The industry boom has brought a generally improved level of prosperity for many California contractors and with it, a similar level of stability for surety’s writing contractor bonds, some of which may have experienced an improved bottom line as claims activity has stabilized, at least according to some public reports. Subsequently, more surety bond companies have become interested in writing license bonds in California and in many cases, on increasingly favorable terms to contractors.
State National Insurance Background
The State National Insurance license bond program is offered though Safebuilt Insurance Services, Inc., a wholesale insurance services provider with a construction focus niche since 2005. In addition to surety bonds, SIS offers a full array of construction related products including workers comp and contractors liability insurance. Safebuilt Insurance Services is located in Carlsbad, California and provides insurance services in all 50 states.
While many surety’s seek to provide broad bonding services to a diverse subset of contractors, State National Insurance through SIS has developed a specialized bond program for contractors with less than perfect credit and/or license profiles, a group that saw bonding premiums soar during the downturn. While each surety will have their own proprietary underwriting guidelines designed to attract the customer base it wants most, some of the SIS program benefits outlined on their website are below:
Current SIS Contractors License Bond Program Benefits:
-No Credit Check California Contractors License Bonds
-Bonds Electronically Filed With The CSLB
-Financial Rating: Currently A VIII (subject to change)
-Quote & Bind Same Day
Surety Contact Information
Safebuilt Insurance Services
3250 Grey Hawk Ct.
Carlsbad, CA 92010
State National Insurance Company, Inc.
1900 L Don Dodson Drive
Bedford, TX 76021
***The information relayed in this article is for informational purposes only and is not an endorsement of the products and/or services mentioned in this post. For more information on these entities, their products or services, please contact them directly.