• Unraveling the Process: How Surety Bonds Get Cancelled

  • Jan 24 2025
  • Length: 1 min
  • Podcast

Unraveling the Process: How Surety Bonds Get Cancelled

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  • Summary

  • Description:

    • Title: Protecting Your Surety Bond: Understanding Contractual Responsibilities in Construction
    • Key Takeaways:
      • Ensure you follow the terms of your surety bond to maintain coverage.
      • A general contractor with a $3 million surety bond was left unprotected because they failed to terminate a subcontractor with faulty workmanship.
      • The insurance company was not obligated to pay out the bond because the contractor did not act quickly enough to remove the risk from the surety.
      • Even with a bond in place, you are not fully protected if you don’t comply with the contract’s trigger terms.
      • Take immediate action if you become aware of risks or poor performance to avoid potential financial loss and ensure your bond remains valid.
    • Important Reminder: Stay proactive and aware of the conditions surrounding your construction projects. Ignoring risks or failing to act swiftly can invalidate your surety bond and leave you exposed to unexpected liabilities.
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