Contract Surety

Surety Industry to Nearly Double in Next Decade Due to Contract Surety

02.06.2019

The global surety market is expected to grow to over $28 billion by the year 2027, up from $15.33 billion in 2018. The growth of nearly 100% is expected due to the imminent replacement of ageing infrastructure from public owners in developed countries who have neglected to replace it previously.

Fewer skilled professionals entering the industry is currently holding the industry back, as well as banks further suppressing the industry’s rate of growth.

The biggest rate of surety market penetration is in North America due to the United States, which will have to replace massive amounts of infrastructure in the near future.

Contract surety is the leading segment of the overall global surety bond market. Contract surety bid and performance/payment bonds are particularly popular in public construction projects. These bonds protect against the contractor being unable to take on the contract at the bid entered, guarantees that the project will be performed satisfactorily, and ensures that all subcontractors and materials will be paid and paid for respectively. Learn more about the surety industry’s growth potential.

So where can you purchase bid and payment/performance bonds?

Colonial offers the direct and digital way to obtain bid and payment/performance bonds as well as any other surety bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print your bond from your office. It’s that simple!

Colonial gives you an easier way to manage your bid and payment/performance bonds online. Having your single and aggregate limits in writing allows you to update your work on hand and adjust your bonding capacity in real time.