You are unique in the construction business. Your equipment is your life and your working capital. You are often the first contractor on the job building the infrastructure of our roads, airports, buildings and neighborhoods. Unknown site conditions, rock, weather and water are challenges you face daily. You are often left waiting for governments and municipalities to address funding to support the country’s aging infrastructure problem. You need a construction bond partner that understands what you do. We can help.
How Can MG Surety Bonds Help?
We have a specialty in heavy construction. Unfortunately, many surety bond companies are focused on working capital have a hard time supporting contractors with heavy equipment needs. MG Surety Bonds is different. We have programs for heavy contractors that focus on the value of your paid equipment and the equity of the company and its owners. Our terms and conditions for heavy contractors cannot be beat.
Whether you need to bond a $100 million road project or your first surety bond, we are here for you. We are licensed in all 50 states and will work to get you a quick approval. If you are doing any of the following work, we have a construction bond program for you:
- Road Construction
- Asphalt or Concrete Paving
- Bridge Construction
- Underground Utilities
- Water and Wastewater
- Waterways, Dams and Locks.
- Railroad Construction and Related
- Power Line Construction
- Oil and Gas Construction
General Contractor or Subcontractor?
One of the things that sets heavy contractor apart is that they often operate as both a general contractor and a subcontractor. They may be the prime on a highway job and a paving subcontractor on the next. This may also lead to a nice mix of bonded and unbonded work that each surety bond company will look at differently. Don’t settle for a one size fits all approach. Let us put you in a program that maximizes your opportunities.
What Class Are You?
Another unique aspect of heavy construction is the potential perform two or more classes of business. The Surety and Fidelity Association of America publishes base rates based off of the type of work a contractor is performing. Contract work is classified as B (most risk), A or (A-1 least risk). Many heavy contractors perform all three. For example, it would not be uncommon for a heavy contractor to perform work on a utility lines (class B), grading (class A) and paving (class A-1) so it is important to work with a surety bond company and broker who understands the unique differences and can get you the best program and rates.
How Do You Compare to Others?
Have you ever wondered how you stack up to the competition? How much is their overhead? What are their margins? How much of their work is subcontracted? What percentage of their assets are equipment? MG Surety has access to real time data. It allows us to give heavy contractors a benchmarking report for the industry based on your size and NAICs code. We can also take your financial information and stack it against the competition. These reports are available free to our heavy construction customers.
We want to be your surety bond broker for life!
Heavy Construction Facts:
- Heavy Construction contributes over $2 billion annually to the U.S. Economy
- It makes up 4% of the country’s GDP
- There are over 3 million business in the U.S. Involved in heavy construction
- The industry employs 8.7 million people