The NIEC has a "Master
Bond Program" that is available to contractor members. You can
save a great deal of money on premiums if you participate in this program.
The concept is that the
NIEC purchases the Master Surety Bond in each of the cities that require
bonds. Each of the contractors who participate is listed as and "additional
insured" on the bond. New participants can be added at any time.
Each contractor is insured for the full amount of the bond. Premiums
are much less than you will get from a typical bonding company. All
bonds are provided by Federated Insurance.
In order to add a city,
just call the NIEC office. You will be bound as of that day.
If you are already in the
program, the bonds are continuing and you do not need to do anything.
If you would like to be
in the program, you can get a list of cities and the amounts of the
premiums by clicking here. Contact us for the application procedure.