Did you know bid and performance bond requirements are not limited to construction projects? There are multiple businesses that may be required to purchase what are known as “service or supply” bonds.

Service contractor bonds guarantee businesses will meet their contractual completion or payment obligations. Unlike standard construction performance and payment bonds, service bonds can be for multi-year terms and are renewed on an annual basis. Common industries served by service bonds include janitorial, landscape maintenance, food service, security, and waste management.

Supply bonds guarantee the performance of a contract to furnish products and materials according to the terms and specifications in the contract. Some examples of supply contracts include building materials, equipment supply, signage, and commercial/business furniture.

Liberty Mutual Surety can help meet all your customers’ service or supply bond needs. With our credit-based program, you can easily submit a one-page application and get approved for a bond up to $500,000 that same day. Check out our brochure to learn more, or visit us online at the Surety Agents’ Portal. Questions? Please contact bonds@libertymutual.com.

The limit a client selects for a property policy should offer enough coverage to repair or replace a covered building in the event of a significant loss. If the limit is too low, a client could end up with uninsured expenses and pay out of pocket to return the building to its pre-loss condition. Based on the known characteristics and locations of their properties, some clients have in-force policies with limits less than the estimated replacement costs of their covered buildings. To ensure these policyholders have appropriate coverage, we are starting to correct these policies with appropriate limits at renewal.

Refer to the insurance to value resources for information on how to insure to value, a handout you can share with customers and more.

Doing business with us is even easier with eCLIQ Simple. Check out these recent changes:

• You can now add a Farm or Other Inland Marine line of business to an existing account, directly from the New Account Details screen.
• Drive Other Car coverage is now available in Connecticut, auto quotes effective October 3, 2023, and after.
• New general liability coverages available for BOP in Connecticut, Illinois, and Texas.

Learn more about these changes and more.