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Gallagher remains an industry leader in providing smart, effective surety programs for our commercial surety clients. We harness the creativity of our collective underwriting and brokerage experience to enhance or create surety programs across many industries and niches within Gallagher. Whether expanding programs via shared surety, co-surety or finding new uses for surety bonds such as replacing Letters of Credit, we find the best intersection of indemnity and pricing for our clients.
Our underwriting backgrounds give us a distinct advantage when seeking creative solutions to unique opportunities.
Commercial surety and contract surety bonds are instruments used between three parties: principal, obligee and surety entity. Our team of experienced licensed and bond production associates have worked across surety types to make the complex simple.
Commercial surety bonds are required by entities, government or legislation for projects by individuals or businesses. We place commercial surety bonds for domestic and international projects as well as working with customers’ existing programs and facilitating the release of collateral. The customers we serve for commercial surety bonds range from all sectors including healthcare, financial services, public utilities, and private and public companies. We work with you to implement the commercial surety bond for your specific need. There is a spectrum of commercial bonds that include:
As members of the construction community, we work alongside every type of contractor from home builders to general contractors within your community to highway and civil contractors to international general contractors. From private construction development to public works projects, our expertise in contract surety bonds keeps all parties protected. Contract surety bonds include:
An energy company was in need of credit that was cost-effective, comprehensive and didn’t exhaust their financial resources.
We provided commercial surety bonds in lieu of letters of credit within a very complex indemnity structure. In this case, commercial surety was less expensive than letters of credit and freed up the need for the client to keep compensating balances at the bank for their lines of credit.
Because of our expertise and access to markets, we were able to successfully support $60M in power purchase obligations with bonds in lieu of letters of credit. This provided costs savings as well as freed up capital for additional uses.