Hired a contractor to replace fascia. Project started first week of February 2020, completed first week of March 2020. Six weeks later found damages. Contractor wanted second chance and tried to correct damage first week of August 2020. Filed claim with Surety Company 9/29/2020. Being told by Surety they are trying to get me full amount to reimburse for damages but there is another claim that has come in and they may need to pro-rate it. Can you tell me why I need to share the reimbursement with another customer?
Unfortunately, the $15,000 contractor's bond is aggregate, not per claim. So, if there are more than one claim against a contractor in the same year, the insurance company will usually try to settle all claims by pro-rating money until the bond is exhausted.
So a contractor having a bond does not mean you will be reimbursed for damages done to your home by a contractor even when the Surety Company agrees you should be reimbursed after investigating the claim? I'm not sure what good a bond does then. The customer could still end up having to pay the price for the contractor's poor workmanship! Is there any other way to get reimbursed for the money required to repair my house? Is there any way of making sure there is another claim and the Surety Company isn't lying to me to keep from paying the full amount required for repair?