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      As seasoned public contractors, you might want to understand the intricacies and importance of accurately calculating your contract bond premiums. Our Contract Bond Premium Calculator is designed with your expertise in mind, providing a reliable tool to ensure precise calculations and informed financial planning.

      Key Features of Our Premium Calculator

       
      • Contract Amount: Enter the total contract value to assess the premium accurately.
      • Class of Work: Specify whether the project falls under design-build, class B, class A, or class A-1 categories, ensuring the premium reflects the specific nature of the work.
      • Input Custom Rates: This feature allows you to manually enter a custom bond rate for projects that deviate from standard industry rates, ensuring your unique agreements are reflected in the calculation. 
      If you are a contractor who is looking for a surety bond company that can help you succeed, then Direct Surety is the company for you. We are here to empower you to grow and prosper.

      Why Choose Our Premium Calculator?

      1. Expert-Level Accuracy: Our calculator is built to meet the high standards expected by experienced contractors, ensuring precise premium calculations every time.
      2. Tailored for Public Projects: Specifically designed for public works projects, our tool considers the unique factors and classifications that impact bond premiums.
      3. Efficient and User-Friendly: Streamline your financial planning with an intuitive interface that simplifies the process without compromising on detail.

      How It Works

       
      1. Enter Project Details: Input the name of the job/contract amount.
      2. Specify Work Class: Choose from design-build, class B, class A, or class A-1 to match the project’s classification.
      3. Include Custom Rates: Use the input custom rates feature, to enter your specific bond rate for unique project conditions.

      By leveraging our Contract Bond Premium Calculator, you can ensure your bids and project financials are accurate, competitive, and reflective of your expertise in the field. Try our calculator today and experience the difference in precision and efficiency it brings to your contracting projects.

      Premium Calculator

      Frequently Asked Question's (FAQ)

      Below you'll find answers to the most common questions
      What is the Input Custom Rates?

      The “Input Custom Rates” allows contractors to manually input their custom bond rates, making it ideal for projects with unique financial agreements or terms.

      After entering the contract amount and selecting the custom class, you can input your custom rate in the designated field & click Calculate, and the calculator will automatically adjust the premium based on that rate. 

      What is a Design-Build contract and why do they have higher rates?

      Design-Build contracts involve more risk compared to traditional Design-Bid-Build contracts. In Design-Build, the principal contractor assumes responsibility for all or part of the design, even if the design work is subcontracted to a professional firm. Due to the added risk, contractors providing Performance and Payment Bonds on these projects should anticipate higher premium rates.

      What types of works are included in a Type B contract?

      B contracts cover vertical projects and most building and sub-trade construction work related to the completion of buildings. Examples include dams and locks, sewers, tunnels, power lines, and fiber optics installations.

      What types of works fall under a Type A contract?

      Type A contracts are typically associated with infrastructure projects such as bridges, curbing, guttering, highways, airport runways, roofing, siding, parks, and custom-made machinery.

      What types of work are covered under a Type A-1 contract?

      A-1 contracts encompass a variety of services and supplies, including arms, generators, radio towers, tree removal, computers, software, fire alarms, ornamental work, scaffolding, water towers, lighting, and resurfacing of existing roads or paved areas. Most service contracts fall into this category, also referred to as “supply and maintenance” contracts.