Insurance agents and brokers with construction clients should be aware of the additional need for subcontractor bonding. Below are five instances when the surety may require or strongly urge that a general contractor have their subcontractor bonded. (Photo: Vitalii Vodolazskyi/Adobe Stock)

For many property and casualty agents, the contract surety business is an enigma. Maybe it's because surety isn't written like a commercial lines policy. Or it's the arcane language we use, like referring to project owners as "obligees."

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.