Oregon contractors will have another option for surety bonds after the state approved Ox Bonding and affiliate carrier, Upper Hudson National Insurance Co., for writing business.
Ox Bonding said it saw an opportunity as a result of the financial crisis that hit Oregon as well as the rest of the country.
“The financial tsunami of 2008 destroyed the ability of many Oregon contractors in the building trades to get a completion bond, or the working capital to acquire the supplies to do the work,” said Jeffrey Camp, chief operating officer. “Because they do not have perfect credit, they lose out on many jobs where bonding is required, such as local government projects. We can fix that.”
Though serving companies with less-than-perfect credit might seem risky, the company said it will look at executive track records to help them make a decision on providing bonds. Ox Bonding will also disburse the funds to further reduce the risk.
With Ox Bond’s affiliate insurance carrier, Ox Bonding will act as agent and carrier, allowing faster service than some of the traditional distribution methods.
Following the addition of Oregon, Ox Bonding now offers its products and services in 13 states including New York, California, Illinois, Florida, Georgia, Pennsylvania, New Jersey, Washington, Hawaii, Maryland, Missouri and Louisiana.
Ox Bonding is looking for more brokers and agents.
Was this article valuable?
Here are more articles you may enjoy.