The Bond Department, with over 80 years of combined surety experience in the construction, development and home building sector, is focused on providing all our clients with accurate and expeditious service that will enable our clients to comply with any public or private surety requirements that are encountered. Our expertise and service is unsurpassed in Southern California.
In addition to Southern California, we have extensive experience in most states. We are licensed in many states and have the resources and knowledge to properly execute bonds throughout the United States.
In states outside of California, Sureties maybe required to have a minimum Best’s Rating of at least “A”, or be on file with the Department of the Treasury Approved Sureties (Department Circular 570). We align clients and surety companies to meet these requirements. In California, a Best’s or Standard & Poor rating cannot be used to discriminate or pre-qualify a bonding company. Assembly Bill AB 2972 requires that the surety only be licensed to transact surety business. We only transact business with sureties that are properly licensed.
Our knowledge with major sureties that underwrite construction and development business is unequaled and we are constantly monitoring the ever-changing marketplace. We have excellent relationships with the major sureties that take on these financial risks. Mergers, acquisitions and takeovers over the last decade have reduced the number of surety companies actively participating in the development and home building niche.
From entitlement to project completion, we are prepared to assist our developer clients with our expertise and service. Our goal is to assure that the proper documents are provided quickly and accurately the first time around. We review agreements, contracts and bond forms from the position of protecting our clients’ interests. This service and commitment has been demonstrated numerous times with our clients by consulting about onerous wording or other unforeseen risks. This resulted in changes to either the bond forms, the contract, or other related contract documents or specifications.
Financial information, or any other information provided by our clients is thoroughly reviewed and analyzed. Any questions or issues are addressed prior to submission to the surety company that has been authorized by our clients.
Other services of the bond department include providing and maintaining detailed listings of all outstanding bonds and following up for bond exonerations once the obligations have been fulfilled.
Rohm Insurance Agency is committed to providing the best possible service to our clients and ensure that they receive the most favorable rates and terms possible from their surety carrier.