Surety Bonding for Small and Minority-owned Businesses
Lack of bonding relegates small and minority-owned businesses to quotas which are no more than a glass ceiling to financial opportunity. Thankfully Oriska Insurance provides a market for small and minority-owned businesses to obtain contractor bonding.
Providing opportunities to small and minority-owned businesses has historically led to businesses being fraudulently misrepresented to satisfy MBE, WBE, VBE and DBE goal requirements. The real answer is to enable small and minority-owned businesses to successfully participate in the bidding process.
Oriska Insurance Company breaks the glass ceiling. The Oriska Insurance Company is recognized by the United States Department of Transportation as a preferred surety to bring bonding to minority and small businesses. But Oriska Insurance goes far beyond any other program available in that we mentor small and minority-owned businesses to ensure their success. We make it our business that our clients succeed. 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.
Writing and managing surety bonding for small and minority-owned businesses requires a mix of talents from several disciplines. These include: construction bidding; accounting; engineering analysis; competitive bids and negotiated work; contract analysis; specification evaluation; exposure on bid bonds; details of payment and performance bonds; financial analysis; and security to collateralize and indemnify credit. In the event of a default on the underlying bonded contract, the Oriska insurance will act on behalf of the owner and the contractor by financing completion of the contract work, hiring or rebidding to a replacement contractor, or paying on the bond to the damaged parties (which is usually the contract price.)