Author, Alyssa Burley, Media Communications & Client Services Manager, Rancho Mesa Insurance Services, Inc.

In a virtual meeting so many have become accustomed, the National Association of Women in Construction (NAWIC) San Diego Chapter 21 met on November 10, 2020 to inspire each other, celebrate new members, discuss upcoming events and learn about performance and payment bonds.

NAWIC’s Professional Development & Education Committee is tasked with providing monthly programming that is relevant and educational for its chapter’s membership.

Andy Roberts, Account Executive in the Surety Group with Rancho Mesa Insurance led the presentation that addressed an increasing requirement many contractors in California are now dealing with on their projects, surety bonds.

Performance and payment bonds are becoming more popular in today’s construction climate. Contractors who previously never or rarely needed bonds, are now discovering a need for a formal bond program.

In the “Surety 101: Performance & Payment Bonding Basics” class, Andy discussed the different types of contract surety bonds (i.e., bid bonds, performance bonds and payment bonds). He explained the distinction between surety bonds and traditional insurance, when a bond may be required and who may require it, the benefits of a bond, the qualification process and indemnity.

While there is so much more to learn about performance and payment bonds, the attendees of the class are sure to better understand why their companies are being required to obtain contract surety bonds for their projects.

To learn more about performance and payment bonds or to book a presentation with Andy Roberts, contact him at (619) 937-0166 or aroberts@ranchomesa.com.