Newport Insurance just celebrated its 8th year in business. We have moved to a larger and "nicer" office and we are still in New England just a block from the Financial District. We are negotiating with other reinsures in order to write larger bonds. At present Newport Insurance is writing bonds under $20 million, but in the future we will be able to raise the limit to $100 million easily.
Newport Insurance has expanded operations to include the southern United States and parts of the Caribbean. > As always we are open to new brokers with the hard to place bonds. Come to us with any Contractors risk.
Newport Insurance Company was conceived and established by and for contractors and owners that need bonded contractors. Usually these will be principals that have been unable to obtain access to licensed companies that would consider taking them as clients.
Newport Insurance Company is accessible to both individuals and brokers. Brokers are very useful in preparing the necessary paperwork to get the risk approved and insure the necessary legal matters have been followed. Brokers are used to preparing the packages for submission. However many companies have departments that are equally capable of following procedures.
Anyone may call Newport Insurance Company or fax us a letter requesting a package. However, it is suggested that you have an insurance professional involved.
Newport Insurance Company is not a market for permit or license bond. We write "performance and payment bonds" or as they are sometimes called "labor and material". Once established with us, we will write the bid bonds. Carpel associates is the organization that we use to assist you in getting access to Newport Insurance Company. Carpel associates also provides several other services for the contractor.
If your needs are for a "t listed" bond, "a. m. best rated", or a company licensed in your state, then Newport Insurance Company is not the company for you.
Newport Insurance Company issues bonds backed by collateral such as, but not limited to, ilocs, notes, real estate liens, or personal notes. In some instances, cash collateral equal to a percentage of the bond determined by the underwriters will be required to be placed in an escrow account with Newport Insurance Company.
Newport Insurance Company has various programs to accommodate the unusual request of today's market place. We have several construction managers and contractors on our staff to evaluate your proposal. Carpel associates can assist with completion of documents that will provide smooth operation of your contract and assure that everything has been done so that you may be paid in a timely manner.