All Risk Insurance Group Launches All Risk Bonding Group and MyBonding.com
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Performance bonds are commonly used by the construction industry for the purpose of securing a guarantee of completion. “With construction and development starting to rebound from recent market lows, we felt now was a good time to focus on these bonds that are so important to the overall economic recovery,” All Risk Insurance Group’s CEO
The market for performance bonds is far from new. Performance bonds have been used for thousands of years, with the Romans developing laws of surety around 150 AD, with many of the same principles still existing in today’s surety bond products. The recent fallout from our globally depressed economy has left many general and sub contractors with significant underwriting issues in their profile. Many contractors have found that their bond lines are no longer in place or more limited than ever before. Most contractors are frustrated in that they have successfully completed similar work in the past, but still find themselves facing difficulty in obtaining performance bonds. In this tough time for contractors,
“As an independent insurance agent, we have access to multiple AM Best rated domestic and international rated markets. Our independence allows us to find solutions many times when other agents are unable to do so,” shares Schleger. “If you’re a contractor that has had difficulty securing performance bonds for the future of your business, we look forward to the challenge and pride ourselves on having a high degree of options to work with”.
To find out more about how
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