First Bonds for New Contractors

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What is FirstBond™?

FirstBond™ provides new and emerging contractors access to performance bonds, labor and material payment bonds, bid bonds and surety letters of prequalification for contracts of up to $1,000,000 in value.

FirstBond™ is a solution developed by FCA as an answer to the needs of new and emerging contractors. In our experience, new and emerging contractors often have the most challenging time securing construction bonding. It is our belief that having a surety expert by your side can not only help you secure the right surety solution but can act as a resource for your business as you grow.

Types of Bonds Available through FirstBond™


  • Bonds for Tendering Stage

    Including bid bonds, surety consent letter, agreement to bond letters and pre-qualification letters

  • Performance Bonds

    A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor

  • Labour & Material Payment Bonds

    A labour and material payment bond guarantees that the bonded contractor will pay all claimants for goods and/or services supplied for the bonded project

Who Needs FirstBond™?

Have you ever been declined your first bond? Are you a new or growing business? Are you a business that is starting to tender public work for the first time? Do you currently pay for every bid bond or agreement to bond? If you answered yes to any of these questions then the FirstBond™ program is perfect for you.

The FirstBond™ program is targeted to contractors who have opened new construction businesses or are emerging contractors looking to build their business and tackle more bonded public work.

It is designed to make the process transparent, easy and efficient so that contractors can focus on what is important; growing their business.

How Much Does FirstBond™ Cost?

The cost to set up a FirstBond™ facility is between $1,500 and $3,000. This fee is charged annually and covers all the bid bonds, agreement to bonds and prequalification letters that your business requires in a twelve-month period.

In addition, if a project owner awards your business a project and requires you to post a performance bond or labor and material payment bond then a premium would be charged. Depending on the size and type of bond required, this premium can range from 0.7% to 1.5% of the contract value inclusive of tax.

What is the Process to set up a FirstBond™ Surety Facility?

The process to secure a surety facility with FirstBond™ is quick and easy. It starts with a phone call with a representative of FCA who can provide further details on the FirstBond™ program and ensure that you are getting the right solutions for your business.

The FCA Advisor will advise you of any requirements but the basic information required to set up a FirstBond™ facility includes:

  1. A Notice to Reader Year-End Financial Statements for the Business
    • Including Aged Accounts Receivable and Accounts Payable Listings
  2. FCA’s Personal Net Worth Statement for the Owner(s)
  3. FCA’s Contractor’s Questionnaire
  4. Bank Reference Letter
  5. Professional Resumes for the Owner(s)

The surety is looking to understand both the corporate financial position of the company and the owners, any history of bankruptcy or litigation and an understanding of the history of completed work and future business plan of the operation.

In our industry, we call these items the 3 C’s of surety. Character, Capacity and Capital.

  1. Character is the history, expertise and reputation of the business owners.
  2. Capacity is the ability to complete the work the business expects to tender. This includes review of previous completed jobs, what systems are in place for estimated, project management and accounting and whether the business has the equipment needed to complete the work. Lastly,
  3. Capital is the financial side of the equation. This looks at the corporate financial statements, profitability and the owners personal financial health.

An assessment of Character, Capacity and Capital are what helps the surety decide if they are going to provide a bond facility.

FirstBond™ clients get exclusive access to FCA’s Construction Referral Network

One of the benefits of working with FCA is that you will be working with surety experts who are very well versed and connected across the construction industry. Many of our FirstBond™ clients benefit from their advisor’s depth of experience and relationships. FCA has a great team of industry experts that we can refer to you for various needs including:

  • FCA Construction Insurance Broker
  • Construction Lawyers
  • Construction Accountants
  • Project Management Software
  • Delay Claims Consultant
  • Various Sub-Trades

FirstBond™ clients also receive complimentary tender document and contract review consultations.

Frequently Asked Questions about FirstBond™?

FCA has a unique program with authority to establish bond facilities under FirstBond™. If we are able to secure the required underwriting information then we can establish facilities in under 48 hours.

FCA is using a nationally licensed surety company with an AM Best Rating of A- (excellent). They have a long history working with Canadian small and medium sized companies helping them grow and secure their first surety facility.

The limits outlined in the FirstBond™ facility are a guideline, if you require a larger bond, speak with your FCA representative to determine what the best steps are to ensure you have the support required. It is always our advice that if you have a larger requirement, ensure you are having this conversation early so we can get your business the bonds it requires.

Why Choose FirstBond™

Ease of Doing Business

Have a job closing in the next 24 hours? With FirstBond™ we can offer quick approvals and have your first bond out the door within just a few hours.

A Launch Pad to Growth

Becoming a bonded contractor is the first step towards bidding on larger government contracts.

Surety is What We Do

Our industry leading team boasts seven full time dedicated surety professionals with a combined 80+ years of construction surety bond experience.


Our organization has been working with FCA Surety Bonds and Insurance for over 2 years. The team, led by Jamie Collum and Warren Griffiths, exceeds expectation in service, responsiveness and construction knowledge. Our business needs often demand last minute bonding, and we have never been disappointed by FCA. Always going above and beyond to deliver the right solution in a seamless and effortless manner. We highly recommend FCA for all construction insurance needs.


Jamie and his team have been great to deal with, providing transparent advice and excellent service!


FCA is one of the best companies we have had the pleasure of working with so far. Very professional, fast and always on time. Looking forward to continue working with them.


Get A Free Consultation Today!

It all starts with a conversation today with one of our surety bonding experts. Once we determine which type of surety bonds you require, we will work tirelessly to expedite these bonds for you.

1-844-241-5656   OR   Get a Quote