Frustrated by Regulation? Oriska Insurance Relieves Your Burden in a Socially Responsible Way
When a minority-owned or small business has Oriska Insurance Company on their side, you’re inoculated from the risk of non-compliance and failure to meet your contractual obligations. Oriska Insurance Company underwrites bond guarantees that enable minority and disadvantaged businesses to compete for the work of a project manager without risking your ability to deliver.
Removing Risk and Ensuring Compliance for Project Managers
As a surety, Oriska Insurance has common law rights and obligations to assure that the small or minority-owned business is able to perform the bonded work. Those include the right to supervise and finance the small or minority-owned business, enabling it to perform and complete the work. Oriska Insurance works within the goals outlined by the Metropolitan Transportation Agency and the Port Authority of New York and New Jersey ensuring that every minority business has mentors to guide them through the process of securing certification and bidding on contracts. Learn more about the added benefits of mentoring that Oriska’s surety bonding principals receive by clicking here.
Oriska Insurance Company can also take over the work, rebid the work, or pay the penalty amount to the general contractor on the bond (which usually amounts to the contract price) if the minority business defaults. The surety also has rights of indemnification and exoneration which permit it to monitor and guard the contract funds for compliance with Article 3A of the New York State Lane Law. It is superior protection for a project manager or contractor! We provide the bonding to small and minority-owned businesses that protects Project Managers and Contractors.
Experience & a Proven Track Record of Protection
Oriska Insurance has a proven track record of bonding minority-owned businesses and protecting contractors that spans decades. The Oriska Insurance Company has never abandon an employer or failed to pay a claim in its history 21 year history.
Bonding and Beyond: Compliance with Davis-Bacon & NYS Labor Law
Surety Bonding with Oriska Insurance Company also protects Project Managers and contractors because we guarantee compliance with the Davis-Bacon Act and the New York State Labor Law.
“Oriska provides us with the worker’s comp., health, and disability coverage our clients need. Their 24 Hour Protection package awards significant cost savings to the employers we represent. Oriska’s unique bundling of services affords our clients cost savings and superior coverage.”
Rabbi Hershel Weber, Brand Management, Inc.