Bonding Insurance in Ottawa
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Ottawa Bonding Insurance with Oracle RMS
Are you a contracting and/or construction commercial business that is located in Ottawa? Are you looking to include surety bonding insurance with or for your upcoming projects? If so, you should know how important it is to work with a licensed broker with the right expertise and knowledge of the complexity of the bonding market.
Ottawa is the capital city of Canada. The City of Ottawa has a population of 1,014,242 people, making it Canada’s fourth-largest city. The federal government headquarters are located in Ottawa and is the city’s largest employer, employing over 110,000 individuals from Canada’s capital city. To support its large metro population, the City of Ottawa is always growing and evolving to stay current and accommodate its growth. This means many construction projects take place within the city.
If you are looking for a construction project in Ottawa, ensure you are well aware of the details and procedures of a project ahead of time. Ottawa’s very own Supply Services administer bidding activities annually, which is valued at over $1 billion. The City of Ottawa has established procedures and policies in regards to purchasing by-laws. Furthermore, it is important for construction and/or contracting businesses in the City of Ottawa and surrounding areas to have bonding insurance. Bonding insurance can protect owners and suppliers during a construction project and protect you, your business and the overall project as a whole.
Once you have successfully purchased bonding insurance, you may now officially begin bidding for potential projects that can be within your region or city. It should be noted that bonding insurance includes two common forms of surety bonding:
Construction Contract Surety Bonds:
One of the most common forms of bonding used in a construction setting. It is set in place to protect owners and suppliers from the consequences of a contractor defaulting on a project. Such bonds are a guarantee from the Surety to a project Owner that the Contractor will follow the direction of the contract. Bonds that are used most often are the Bid bond, Performance Bond and Labour and Material Payment bond.
Commercial Surety Bonds:
These types of bonds guarantee that any government body, financial institution or private corporation’s security requirements are adhered to and that any financial risk is protected via legal compliance by the principle. Monetary losses, fraud and/or misrepresentations are a few areas that offer protection to the end user.Whether customers are shopping for a better bonding insurance policy, are informed about their upcoming bonding policy renewal or are looking to save money on their current policy, overall, it is important to be informed about bonding insurance and how a policy works.
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In Need of Insurance for Bonding? We Have You Covered
In Ottawa, when you purchase Bonding Insurance with Oracle RMS, we’re certain that your bond facility is current as we are constantly monitoring changes within the construction industry. In addition, we provide specialized bond facilities which separate us from a general insurance brokerage.
By partnering with Oracle RMS, we provide excellent customer service and work hard to get you the lowest bonding insurance rates in Ottawa that best suit your unique needs. We are proud to be partnered with a wide range of specialty bonding insurance companies who can provide a variety of bonding facility insurance quotes for all Ottawa business owners.
At Oracle RMS, you will work along with one of our licensed brokers to help guide you through the quoting process. They will make sure you understand all the insurance jargon and information up to the last detail of your home policy before you’ve made the final decision.
Bonding Facts in the City of Ottawa
For a list of bid opportunities in the City of Ottawa, click on this link: https://www.biddingo.com/*.main?toPage=StBidListHistoryBuyerSite.jsp&bidOrgId=11003591&searchType=O&close=close&period=&classId=&classCode=
In the City of Ottawa, bidding opportunities of over $100,000 are posted on online notifications. MERX is where you will find the requirements for goods and services and the requirements for professional and consulting services. The OCA bulletin board is where you can find construction contracts advertised.
Some of the following bid opportunities in the City of Ottawa include park construction, bridge extensions, protection upgrades for trolleys and rails, fire alarm system upgrades, traffic calming measures, cell demolitions,water purification plants and many more.
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Bonding insurance is what you need, request a free online quote now.
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