What is the Partnership Account® for Contractors?
The Partnership Account® is an agreement between a contractor and Colonial Surety Company. Colonial gives its Contractor Partner’s power of attorney to issue their own bid bonds and order performance bonds without using an insurance agent or broker. Colonial’s Contractor Partners are in direct and complete control of their surety line of credit.
What are the other benefits of the Partnership Account® for Contractors?
Colonial’s Contractor Partners receive an administrative dashboard that is an online vehicle to issue bid bonds, order performance bonds, update work in progress, look at current and aggregate limits, see their bid spreads, view open and closed bid and performance bonds, and much more. Also, our Contractor Partners receive a separate password protected Owner’s Dashboard®, a window into their company’s full underwriting profile. Through this dashboard, our Contractor Partners can view their company’s statistical underwriting, professional credit scores, banking information, and union credit balances.
Why do Contractors partner with Colonial Surety Company?
Contractors elect to partner with Colonial Surety Company because, by working with Colonial, they are able to gain complete control of their bonding process. In today’s fast-paced world, why rely on someone else for your surety bonds? Colonial gives you the power of attorney to issue your own bid bonds and order performance bonds without using an insurance agent or broker. Colonial Surety Company is an insurance company licensed in all 50 states and U.S. territories. We are rated “A” Excellent by A.M. Best Company and United States Department of the Treasury approved.