Chapter 9
Frequently Asked Questions
Straight answers to the questions asked most often about cost, timelines, eligibility and approval.
Topics in this chapter
9.01
How Much Does a Surety Bond Cost?There is no single universal price for every surety bond. What a bond costs depends on the bond type, the amount, the obligation, the duration, the applicant and the applicable insurer's underwriting assessment. SuretyPH does not determine the premium.
9.02
How Long Does It Take to Obtain a Surety Bond?There is no universal processing time that applies to every bond application. Timing depends on the completeness of the information, the bond type, the obligation, whether clarification is needed and the applicable insurer's evaluation.
9.03
Can a New Company Apply for a Surety Bond?Yes — a newly formed company may submit an inquiry or application. Whether a bond can be issued depends on the applicable insurer's requirements and its evaluation of the information available in the circumstances.
9.04
Can a Company With Limited Financial History Obtain a Bond?Limited financial history does not by itself decide anything. Depending on the circumstances, the applicable Surety may consider the financial information that exists alongside other relevant information about the applicant and the obligation.
9.05
Why Is the Surety Asking for More Documents?A request for more documents usually means the applicable insurer needs further information or clarification to continue its evaluation. It is not an approval, and it is not an automatic decline.
9.06
Does Submitting an Application Mean the Bond Is Approved?No. Submission of an inquiry, an application or supporting documents does not constitute approval or issuance of a surety bond. A bond is issued only if the applicable insurer approves and the applicable conditions are satisfied.
9.07
Can a Bond Application Be Declined?Yes. Following its evaluation, an applicable insurer or Surety may decline an application. The decision rests with that insurer and depends on the circumstances, the obligation and its own underwriting requirements.
9.08
Can Bond Terms and Requirements Change From One Project to Another?Yes. Bond requirements and underwriting terms may differ from one project or obligation to another. A bond obtained for one project does not establish automatic eligibility or identical terms for the next.
Important Notice
Inquiries and supporting documents submitted through SuretyPH may be referred to the applicable participating insurer for evaluation. Submission does not constitute approval or issuance of a surety bond. Applications are subject to the insurer's requirements, evaluation, underwriting, terms, conditions, and approval.
SuretyPH is a digital platform for surety bond information, inquiries, requirements and request tracking. It does not underwrite, approve, bind, issue, or guarantee any insurance policy or surety bond. Evaluation, underwriting, approval, pricing and issuance are undertaken by the applicable licensed insurance company.