Surety
Colonial Surety Company
Colonial Surety Company is a direct seller and writer of surety bonds, fidelity bonds, and business insurance, sold online without an agency intermediary. Its customers include individuals, professionals, contractors, attorneys, trade associations, pension professionals, and insurance agents.
Bonds and policies are quoted and bought through the company's own platform. The I-Bond portfolio covers license and permit bonds, court and fiduciary bonds, ERISA fidelity bonds, notary, lost instrument, and public official bonds. The I-Insurance portfolio covers business owner's policies, professional liability, employment practices liability, directors and officers liability, commercial crime, and workers' compensation, and includes $50,000 of cyber liability coverage with the first purchase of most insurance products.
Contract surety runs through two routes. Experienced contractors can pre-qualify online using an instant D&B credit score and apply for a surety line of credit of up to $20 million single and $40 million aggregate, then print bid bonds on demand and order performance bonds online. Contractors new to bonding use the Hometown Bonding Program, which issues bid and performance bonds as needed under credit-based underwriting without a traditional line. The Partnership Account gives agents, attorneys, pension professionals, and associations their own portal to place bonds for clients.
Founded in 1930, the company is licensed and admitted in all U.S. states and territories, is U.S. Treasury listed, is rated A (Excellent) by AM Best, and is approved by the Department of Labor. It is incorporated in Pennsylvania, writes under NAIC #10758, and works from 123 Tice Boulevard, Suite 250, Woodcliff Lake, New Jersey. Premiums vary by bond type and credit; the student transportation and sanitation programs have their own published rates.
Best for
Contractors, professionals, and fiduciaries who need a specific bond quickly and would rather buy online than through an agent, plus agents and associations wanting a portal to place bonds for clients.
What they do
- License and permit bonds
- Court and fiduciary bonds
- ERISA fidelity bonds
- Bid and performance bonds
- Surety lines of credit for contractors
- Business owner's policy (BOP)
- Employment practices liability insurance
- Directors and officers liability insurance
- Commercial crime liability insurance
- Professional liability insurance
Details
| Attribute | Value |
|---|---|
| Founded | 1930 |
| Licenses | Licensed and admitted in all U.S. states and territories, U.S. Treasury listed (Circular 570), NAIC #10758 |
| Memberships | AM Best rating: A (Excellent), Approved by the U.S. Department of Labor |
What stands out
- Founded in 1930 and licensed and admitted in all U.S. states and territories.
- Rated A (Excellent) by AM Best, U.S. Treasury listed, and approved by the Department of Labor.
- Experienced contractors can pre-qualify for a surety line of credit of up to $20 million single and $40 million aggregate.
- Most I-Insurance purchases include $50,000 of cyber liability coverage with the first policy bought.
- Incorporated in Pennsylvania and writing under NAIC #10758, with surety licenses listed for every state and territory.
Common questions
- How can a contractor qualify for bid and performance bonds?
- There are two routes. Experienced contractors can pre-qualify online in minutes with an instant D&B credit score and then complete a full submission for a surety line of credit, after which they print bid bonds themselves and order performance bonds online. Contractors new to bonding can apply to the Hometown Bonding Program, which issues bid and performance bonds as needed under credit-based underwriting, without a traditional surety line of credit.
- What is The Partnership Account?
- It is Colonial Surety's online portal for partners, including insurance agents, attorneys, pension professionals, and trade associations, to obtain bonds and insurance for their clients and for themselves. Partners can track bond status, verify compliance, and renew coverage online, and associations can earn a fee on each transaction.