The Partnership Account™ is a direct credit agreement between the contractor client and Colonial Surety Company. This revolutionary on-line surety management system is designed to improve our customers business and to simplify the surety relationship.

  Online Features:

The Partnership Account™ is your surety "line of credit". By establishing a Partnership Account™, your client’s have direct control over their credit activity.

Your client connects to The Partnership Account™ using Colonial Surety's secure website. The Partnership Account™ clients are supplied with a bond issuing kit. Much like their company's bank line of credit, your clients will receive a surety line of credit indicating their single and aggregate limits. The Partnership Account™ allows your customers to log on using their secure username and password and issue their own bid bonds, order performance bonds and manage their work in progress.

Colonial will do all the tedious work involving the maintenance of a surety line of credit for your contractors. The agent can view all activity and will receive a commission check after receipt of all paid transactions. Also, Colonial does not sell insurance. The agent protects their account from competition who traditionally uses surety as a leverage to obtain the insurance business.

The Partnership Account™, on-line management system, gives your contractor clients a very significant edge over their competition. Now they are able to make last minute changes to their bid bonds. An on-line security access code and contact with their personal bond administrator and underwriter guarantees confidentiality, security and independence in the management of their surety line of credit. The surety management system will also provide your clients with management reports which include bid bond, performance bond and financial trend history reports. This revolutionary system will directly impact the bottom line profitability of your customers.

The agent will receive a confidential username and password to view all account activity with contractor-client consent.

Colonial is most interested in writing contractors whose sales range from 2 million to 8 million dollars in sales. In some cases, we will consider contractors in the 1 to 2 million dollars in sales if most of their work is bonded. We are only interested in Prime General Contractors and prime subcontractors for the major trades. We also offer a specialty program for school bus transportation contractors.

We expect the account to generate an annual premium of $15,000.

There is a $375.00 bid bond service-undertaking fee, which is billed annually. The contract surety rate varies.

The commission rate for contract surety is as follows:

1.     General Indemnity Agreement - We require Corporate and Personal Indemnification .  The General Indemnity Agreement requires a Bank Signature Guarantee of all principals and spouses.

2.     Partnership Account Indemnity Agreement - We require Corporate and Personal Indemnification .  The Partnership Account Indemnity Agreement requires a Bank Signature Guarantee of all principals and spouses.

3.     Service Undertaking Agreement – Outlines the rates and fees assigned to the account.

4.     Contractor's Agency Consent Form.

Once you are appointed an affiliate agency, you will receive an agency code. Simply enter the secured agency submission procedure link and submit your account reservation. You will be notified if your account reservation is approved based on the information received within two business days. Upon receipt of a complete submission, you can expect a decision within 10 business days.