Construction Today - May 2017 - 42
Commercial | C&D BONDING
C&D BONDING TAKES ITS CLIENTS TO THE NEXT LEVEL WITH ITS EXPERTISE. BY JANICE HOPPE-SPIERS
Bonding works with all levels of
contractors, including those who are
using bonds for the first time.
hilip Vega's tenure in the surety
bond business began in 1982
when he started as an underwriter
for Aetna Casualty & Surety Co. After nearly two decades in the industry, Vega
founded C&D Bonding in 2001 to specialize
in providing bonds to contractors in the
public and private sectors.
"My company is the largest contract-surety-only, independently owned
brokerage firm in the seven western
states," he attests. "Contractors and developers come to us for advice on how to
maximize their ability to get surety credit
because the greater their ability to secure
surety credit, the more opportunity they
have to pick up new work that will translate into greater profit."
The Covina, Calif.-based company offers
nearly 100 years of combined expertise
among its nine employees located in Covina
and Pismo Beach, Calif., as well as Lake
Havasu, Ariz. The family owned firm prides
itself on many years of experience in the
CONSTRUCTION-TODAY.COM MAY 2017
* Headquarters: Covina, Calif.
* Employees: 9
* Specia y: Surety bond brokerage firm
"We are e liaison between e
bond companies we do business
wi and our clients."
- Philip Vega, president
the project, which includes paying relevant
subcontractors and suppliers.
"We are the liaison between the bond
companies we do business with and our
clients," Vega explains. "Bond companies
appoint my company to go out and secure
business. We bring that business to the
surety company and present the account to
them. We do all of the legwork in terms of
collection of information."
bond business for small and large contractors, possessing a thorough knowledge of
all surety-related products and credibility
among surety underwriters.
Contract surety bonds guarantee the
contractor will perform according to the
specifications of the construction contract.
If the contractor fails to perform according to contract, the insurance company is
responsible to the obligee for completion of
C&D Bonding meets with its clients as often
as twice per month to discuss market trends
and offer advice on what projects are available to pursue, which owners are contractor-friendly and which owners to stay away
from. C&D Bonding also helps its clients
develop relationships with new CPA firms
or banks in order to meet their expanding
needs. "Our clients come to us for expertise
when they outgrow their insurance agent
that only dabbles in bonding," Vega says.
"We bring a new level of sophistication and