Contractors Bonding and Insurance Company, an RLI CompanyRLI ... 2025

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  1. Click ‘Get Form’ to open it in the editor.
  2. Begin by entering your personal information in the designated fields. This typically includes your name, address, and contact details. Ensure accuracy for seamless communication.
  3. Next, navigate to the section regarding project details. Here, you will need to specify the nature of the work and any relevant project timelines. This information is crucial for proper assessment.
  4. Proceed to fill out the financial information section. Input your estimated costs and any required bonding amounts. Double-check these figures to avoid discrepancies.
  5. Finally, review all entered information for completeness and accuracy before signing. Utilize our platform’s features to add your digital signature easily.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.
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Contractor bonds protect the project owner, whereas insurance protects your business. Lets use an example of bonds vs. insurance to illustrate this. If you purchase a performance bond, it provides financial assurance to the owner that you will complete the project based on the specifications in the contract.
RLI is a stable market for business liability risks, backed by our A+ rated financial strength. We provide coverage for a wide range of general liability and product liability exposures.
Surety bond premiums are calculated as a small percentage of the bond amount. $25,000 surety bonds typically cost 0.510% of the bond amount, or $125$2,500. Highly qualified applicants with strong credit might pay just $125 to $250, while an individual with poor credit will receive a higher rate.
A surety bond often is a bare minimum for contractors to be licensed. Insurance is usually optional unless required under the terms of the contract. As a result, if it is important that the contractor you hire is insured and bonded, you should stipulate that in the contract.
RLIs products are offered through its insurance subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. All of RLIs subsidiaries are rated A+ Superior by AM Best Company.

People also ask

A bond is a guarantee that you will provide the services or products required by a contract. Many people simply call their insurance broker and ask for a bond without really knowing the implications. Is a bond the same thing as an insurance policy? To put it simply, no.

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