As your surety bond company, Brunswick Companies should receive all potential claims made against your bond. Sometimes, we will prove the surety bond claim false during the course of our investigation. Sometimes, we won’t and will instead be forced to pay the obligee for your misconduct.
What is a Surety Bond Claim?
An obligee can file a claim if they are unsatisfied with your work or feel you have not fulfilled the bond obligations. While these claims can be misunderstandings, they are understood to be deliberate offenses made by you or your company. Brunswick Companies will determine whether the claim is legitimate or not.
What are the types of Surety Bond Claims?
Since all surety bonds are different, the claims made against them can vary. Some of the most common claims include:
- Not paying subcontractors or suppliers
- Not finishing the job on time
- Not completing the job within the set budget
- Performing inaccurate or inferior work
- Not paying taxes or other required fees
- Employee theft
- Mismanaging estate assets
- Not fulfilling the obligations determined by the court
How can you avoid a Surety Bond Claim?
To avoid having someone make a Surety Bond Claim against you or your company, you need only follow the terms of the bond and fulfill all of your obligations. Keeping open lines of communication with all obligees is essential as well.
If you have any additional questions, please feel free to call 800-686-8080 and speak to one of our Surety Bond experts.
