This form may be completed and used by a subcontractor or supplier who has not been fully paid on a project and is seeking payment from the surety (insurer) under the terms of a payment bond. In construction, a payment bond is a bond on the general contractor to ensure payment to subcontractors and suppliers.
Bond Claim Letter Example For Insurance Company
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Multi-State
Control #:
US-CONST3
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Word;
Rich Text
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Description
How to fill out Bond Claim Notice?
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FAQ
"Good Guy Letters" essentially state that the principal is an account of the surety. While a Good Guy Letter doesn't typically specify the credit line, it might state that the principal is able to obtain a bond for the identified project or that the principal is able to obtain a bond up to a stated amount.
Here are some examples: Contract bonds ? protect from loss due to non-compliance with the contract e.g., bid bonds, performance bonds, payment bonds, warranty bonds. Commercial bonds ? guarantee compliance with law e.g., license and permit bonds, customs bonds, court bonds.
A Bond Capacity Letter provides evidence of general ?bondability? by a General Contractor (GC) to an Owner (or a Subcontractor to a General Contractor). Oftentimes, owners require General Contractors to provide this letter as a way to prequalify the GC for a particular job.
Filing a Bond Claim The consumer will contact the surety directly to engage this process. Claims against a surety company may be filed by homeowners, any person damaged by a willful and deliberate violation of a construction contract or by employees damaged by the contractor's failure to pay wages.
Here are some examples: Contract bonds ? protect from loss due to non-compliance with the contract e.g., bid bonds, performance bonds, payment bonds, warranty bonds. Commercial bonds ? guarantee compliance with law e.g., license and permit bonds, customs bonds, court bonds.
