JEVCO's Surety has earned an enviable reputation among small, medium and large businesses thanks to its expertise and service excellence.

What does "Surety" mean?

Surety simply means providing a guarantee against the non-execution of an obligation. There are many different types of obligations: it may be contractual, in the form of erecting a building, in which case the guarantee is called a performance bond; it can also cover the obligation to respect laws or municipal regulations, in which case the guarantee comes under the category of miscellaneous bonds.

What is the difference between insurance and surety?

In insurance, the insurer compensates the insured for damages incurred (often an accident). In Surety, the Surety Company guarantees the obligations of its client (Principal) to a third party (the Obligee). In insurance, the insurer foresees a certain number of claims that will be paid from all insurance premiums. In the Surety underwriting process, claims are never anticipated, and the Surety is always indemnified by its client (Principal). The Surety process is similar to banks extending credit.

Please contact your local broker to set up a bonding facility.

For more information concerning Surety, visit the Surety Association of Canada website at www.suretycanada.ca.