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Are Surety Bond Companies different?

There are a large number of different surety bonds available. Likewise, there are quite a few different surety bond companies, which do have some differences between them. Not all offer the same types of surety bonds

For the same bond type, differences can include:

Surety bond premiums paid by the surety bond principal
Surety bond term lengths
Surety bond renewal processes and requirements
Surety bond underwriting policies, required paperwork, efficiency, etc.

Financial stability of the surety company.  A.M. Best (www.ambest.com), an independent third-party evaluator of insurance and surety companies, offers rankings that assist consumers in evaluating the stability of a surety company.  Alpha Surety & Insurance Brokerage only works with surety bond companies ranked A- or better by A.M. Best.

For example, one surety company may offer license and permit bonds for only one or two year terms and require company financial statements before approval.  Another company may offer the same bonds but also have 3 & 4 year term options with only a signed bond application and indemnity agreement for approval.