Solution Caution Insurance

REVAU Surety, brings together a team of experts recognized in the industry for their know-how, their ability to innovate and their customer service. This expertise is available to brokers, regardless of their level of specialization in surety. We offer support to brokers throughout the underwriting process and file management.

Surety Bond: The surety bond is required by the client to secure the price quoted by the contractor.

Example: If the contractor's bid is accepted and the contractor refuses to sign a contract with the client, the bond will be used to compensate the client for the difference in price required to deal with another confirmed bidder up to the amount of the bond.

Letter of Undertaking: The Letter of Undertaking, which usually accompanies the seruty bond, is a formal commitment by the insurer to issue performance and payment bonds for labor and materials when the selected contractor agrees to sign a current with the client.

Performance Bond: Is requested by the client to guarantee the performance of the contractor's obligations or the work under a contract signed between a contractor and a client. In the event of default by the contractor, the insurer will assume the additional cost up to the amount of the bond to complete the work in accordance with the terms of the contract.
Labor and Material Payment Bond: The Labor and Material Payment Bond is required by the client to guarantee payment of labor, subcontractors and material suppliers who have entered into a contract with the Contractor performing work on the project described in the bond.

Maintenance Bond: The maintenance bond is requested by the client to guarantee the quality of the work performed by the contractor and the materials used over a certain period of time. Note: This bond does not guarantee normal wear and tear.