Three Generations in Surety
Jeffrey Price of Price and Price Surety Bonds
Before many construction projects can move forward, a bond has to be in place.
License and permit bonds, performance bonds, payment bonds — the requirements vary by project type, contract size, and jurisdiction. For contractors, knowing which bond is required, which markets will write it, and how to structure it effectively is often more complex than it appears.
Price and Price Surety Bonds operates as Melwain Surety Bonds, a third-generation, Long Island–based agency focused on surety bonds. Founded in the 1960s by Mel Price, the firm became “Melwain” when his son Wayne joined the business. Today, Jeffrey Price represents the third generation, running the Valley Stream, New York–based agency alongside his mother and sister.
That specialization translates into range. The agency works with a broad network of bonding companies — including programs that may consider contractors whose credit or financials do not meet standard underwriting criteria. Working with multiple sureties allows the team to place each file with the market best suited to it.
It writes everything from $5,000 license and permit bonds to $50 million performance bonds for government projects. Clients range from contractors securing their first bond to established firms reviewing existing programs, for rates or bonding capacity.
“This is all we do,” Jeffrey said.
This isn’t Jeffrey’s first time at OJBA, though a few years passed between appearances. At this year’s show, existing clients stopped by throughout the day alongside contractors evaluating their bonding programs.
“It’s nice to see our existing accounts,” Jeffrey said, “and get the positive feedback.”
Listen to Jeffrey explain the company’s approach to surety.
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