Effective January 1, 2016, the California Contractor State License Board requires all Contractor's License Bonds be increased from $12,500 to $15,000. This change does not apply to the bond of the qualifying individual, which will remain at the current amount of $12,500.
Our goal is to make the transition as simple as possible for you and your clients. Accordingly, a blanket endorsement has been issued by Philadelphia Insurance Companies directly to the California State Contractor's License Board to automatically increase your existing bond(s) as of the required January 1, 2016 date. The blanket endorsement eliminates the need for individual bond riders to be executed and filed with the obligee. No additional premiums will be billed relative to the increase in the bond amount.
If you have any questions, please contact us at 1.888.321.4713 or email@example.com.
Thank you for your business, and your attention to this matter.
Philadelphia Insurance Companies (PHLY) is one of the strongest rated surety companies in the country with an A++ (Superior) rating by A.M. Best. In today's economic climate, Contractors and Principals need proof of bonding in order to qualify for many work projects and statutory compliance surety requirements. PHLY recognizes this need and offers financially sound bonding options for well qualified contractors and Commercial Surety Accounts with our goal to be the premier surety solution for America's small to medium-sized contractors and commercial accounts. We will achieve this goal through strong and successful relationships, a carefully selected experienced team and a comprehensive portfolio of surety bond products.
We value ourselves as business partners with the contractor and surety agent. We consistently strive to understand the needs of our accounts and agent's business while developing our relationship. Through these strong relationships, we offer competitive rates and sound work programs for established contractors and commercial accounts. Together, we present options for commercial accounts and smaller contractors to provide them with the chance to compete for projects. Thus, we help qualified contractors thrive so that more American jobs may be created.
Expertise and Experience
PHLY's Contract and Commercial surety home office underwriting team in conjunction with our Surety Regional office underwriting staff have the experience and depth to manage your contract and commercial surety needs from the small transactional to the most complex surety needs. We have the expertise to develop unique bond programs and partner with agents to form a positive and lasting relationship with your surety clients. In addition, our risk management services and claims staff have the valuable experience required to nurture relationships, anticipate results and quickly mitigate issues as they occur.