Western Surety Company offers surety bonds as its prime insurance product. The company is based in Canada and, as of 2015, does not conduct any business in the United States.
A surety bond is a legal document that guarantees construction owners on a project deadline. Several government sectors require this type of surety to guarantee compliance with various laws governing public funds.
A surety bond involves a three-party agreement. The surety company guarantees to the owner of the construction the successful performance of the applicant. Only companies with strong financials and authorized mandates may offer such insurance services. Before a company approves a surety bond, it performs a thorough qualification review of the applicant.