Welcome to Shamrock Bonding Services
These days, securing a bond program for your company can seem the impossible task. Let Shamrock Bonding Services Insurance Brokerage, Inc. assist you in overcoming these obstacles, with a well thought out plan of attack.
Surety Bond Line-Up
We are a surety-bond-only brokerage providing a full line of financial guarantee products that include:
 performance, payment, maintenance and subdivision bonds for construction;
plaintiff, defendants, judiciary and probate bonds for the courtroom;
commercial bonds for energy, financial, hi tech, and other businesses;
and license, permit and compliance bonds for individuals and businesses.
Surety Solutions
Shamrock Bonding Services Insurance Brokerage, Inc. offers streamlined and effective surety solutions to your bonding needs. Led and founded by Michael A. Kenny, Shamrock Bonding is dedicated to providing you the highest level of professionalism and trustworthiness.
The firm’s specialties include unique and complex surety credits. As such, we can assist when you know your business plan makes sense, yet you are not making progress in meetings with surety underwriters. Perhaps the surety underwriters are stuck on liquidity and leverage ratios from the parent company’s balance sheet; or refuse to investigate cash flow, tenant quality and lease agreements for your properties you own; or work-in-progress reports and P&L statement are not in step with GAAP...we can help.
Technology
Shamrock Bonding offers a host of online forms to assist you in easily securing the bond you need, while avoiding or reducing the hoops you are required to jump through. We implement our forms to improve your user experience. We have found that forms streamline the processes for completing applications and allows for the easy creation of professional looking underwriting documents required by the sureties.
Imagining Solutions
Shamrock Bonding Services Insurance Brokerage, Inc. can assist your construction or development firm achieve a paperless office with document imaging and document archiving solutions. We sell the hardware and software products you will need and are a licensed provider of Chameleon Software. Chameleon is designed to address document imaging for the construction industry. Chameleon integrates with off-the-shelf computer, scanning and storage devices.
California-Based, Independent Regional Surety Brokerage
As an Independent Regional Broker located in Sacramento, California, we have the flexibility to take on solving your surety problem - we are not expected to justify brokerage resources for new business to a home office or seek out “niche” accounts only. We seek to do business with organizations with high integrity and strong business plans, period.
Competitive Bond Rates and Excellent Surety Service
Whether it is placing your next large bond or maximizing an existing surety program, we are committed to providing the highest level of service. We provide unparalleled surety consultation, top notch service and competitive bond rates.
Thank you for visiting our bonding website. We value your surety business. |
A Primer in Understanding Surety Bonds
Although the concept of the surety bond has been around for many millennia, the modern surety bond has its modern roots in the 1800s and 1900s. The Heard Act of 1844, the Miller Act of 1935, and various smaller state acts have all contributed to the contemporary methods of managing risk associated with performance of contracts.
Because it’s difficult to know which construction companies are reliable, surety bonds for construction projects are the way to ensure that the project owner has recourse in case of non-performance of the contractor. Hiring a company for a project and then having it fall through mid-way with no safety net can be a huge and financially destructive event. 
An Overview of Contract Bond Basics
The contract bond in general assures the fulfillment of actions or products specified in a contract. The contract bond can be found for construction projects, supplies, repairs, and guarantees of payment. For construction projects, the surety bond is for bids, performance, and payment. The bond helps assure a project owner of a completion date for a specified project by making provisions for contractor defaults.
Although no contractor would purposely default on a job—it’s in a construction company’s best interest to finish their projects on time—sometimes a construction firm can’t control the events that affect projects, like subcontractor failures or problems with other projects the company is involved in.
An Overview of Continuity for Construction Firms
Every business, regardless of size, should have a continuity plan. The necessity of continuity plans is evident in the time after natural disasters—many business don’t survive events that happen thousands of miles away because they have no continuity plan. For a construction project owner, the impact of events worldwide could affect their plans if the contractor doesn’t have a continuity plan in place.
General Indemnity Agreements, Applications, Workout Agreements in Surety Claims
While the details of the construction surety bond are complicated and detailed, the concept is simple: a contractor promises to build according to plans and specifications by a certain time and within a certain price. The penalties are outlined in the contract, and covered by a third party, usually a business insurance company. The applications and additional documentation help make sure that contractors are qualified and able to do the work, and that of they default, they can repay or reimburse any money spent on behalf of the contractor to complete the work promised.
Although it isn’t always possible to prevent defaults, the agreements can be constructed to be flexible and yet clear. This will help avoid defaults and outline the proper steps to take at the firs sign the project is in jeopardy. There are expenses in time and funds when there a party is in default, and avoidance is the best technique. Whether the contract provides strict or loose guidelines, there are times when it is still possible to save the relationships.
|
