Like any business, the self-storage industry isn’t immune to natural disasters or other unforeseen circumstances. Many self-storage customers choose their self-storage manufacturer based on job completion references and reputation…but references and reputation won’t help in the event of an unanticipated disaster.
What Requirements is BETCO Subject to for Surety Bonding?
In order to ensure that every BETCO contract gets fulfilled—even during natural disasters and other unforeseen circumstances beyond its control—BETCO chose to undergo a rigorous screening process with Great American Surety to provide extra performance assurance for its customers. This screening process required BETCO to meet or exceed the following benchmarks:
- AM Best Rating– A+ (Superior)
- Standard & Poor’s Rating– A+
- Moody’s Rating– A1
In addition to the stringent rating system above, BETCO is required to show excellent character, capacity, and capital to include the capacity to perform; financial strength; an excellent track record and company history; transparent organizational structure and reporting; business continuity planning, and trade references:
- Character— Possess excellent corporate ethics and standards
- Capacity—Have the financial ability to perform based on past results
- Capital—Have the financial wherewithal to meet and exceed obligations
With such rigorous requirements, not every contractor qualifies to be backed by a surety company. BETCO is one of the few self-storage building manufacturers to offer the extra security of a surety bond, and the assurance that all jobs and contracts subject to the surety will be completed as promised.
What Can a BETCO Surety Bond Do For My Business?
A surety or contract bond provides BETCO’s customers with an extra level of protection in the event of a natural disaster or other unforeseen circumstance. Contracts executed with BETCO subject to surety bonding mean BETCO’s customers are protected no matter what, pursuant to the surety bond. For a premium not to exceed 1.5% of the overall contract price, BETCO is proud to offer its customers the following options to guarantee performance and a clean title at job completion:
- Performance Bond– Guarantees to the self-storage building owner that the building will be built in accordance with all plans and specifications as provided in the contract.
- Payment Bond– Protects the self-storage building owner from any financial obligations to vendors, suppliers, and subcontractors under the contract, as such obligations are guaranteed under the surety bond. This means that BETCO customers have access to the surety that provides a lien free and clean title according to the contract.
Surety-bonded BETCO self-storage customers may also benefit from a smoother transition from construction to permanent financing as well as a lower overall cost of construction.
As an industry leader in single-source self-storage manufacturing, BETCO is proud to offer this protection to its self-storage customers. Customers can rest assured that Great American Surety backs BETCO as a well-managed, profitable enterprise that practices fair dealing and consistently performs obligations and contracts as agreed.
If you’d like more information on the benefits of building or expanding your self-storage business with BETCO backed by the extra assurance of industry-leading surety bonding, contact the self-storage experts at BETCO for more information.