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PHLY Contract Bonds
At Philadelphia Insurance Companies (PHLY), we strive to create value in our relationships by being sensible business partners with our agents and customers. PHLY provides our partners with backing from one of the strongest well-financed Surety Companies in the country with our rating of A++ by A.M. Best. The PHLY core focus is building relationships through our unsurpassed customer service and consistent underwriting approach, while being responsive to our partner's requests. Our underwriters are highly skilled in the contract surety business with many years of experience and a willingness to listen to your needs and concerns. So "Focus on the things that matter, we'll handle the risk."
Types of Bonds:
- Bid Bonds: Provides financial assurance that the bid was submitted in good faith. The bid bond guarantees that the contractor will enter into the contract and that the Performance and Payment bonds will be issued if required.
- Performance Bonds: Protects the obligee for projects being completed on time and/or according to the specifications required.
- Payment Bonds: Guarantees the contractor will pay for costs associated with the project including laborers, material suppliers and subcontractors
- Supply Bonds: Guarantees the contractor will supply the goods or material and will deliver on the date promised
- Subdivision Bonds: Guarantees that the builder/developer will complete improvements made on a subdivided property.
Our Target Markets
- General Builders
- Heavy and Highway Contractors
- Major Trade Contractors and Subcontractors
- Material Suppliers