The Guarantee Company of North America
Encyclopedia
The Guarantee Company of North America (GCNA), founded in 1872, is currently the largest purveyor of contract surety
and fidelity bond
ing in Canada
.
It started out providing fidelity bonds for the employees of the railways (such as the Grand Trunk Railway
) in the 1800s.
The earliest beginnings are traced back to an Edward Rawlings who in 1863 was dispatched from London, England, to Montreal
, Canada, to begin this venture. He initially went out of business, but together with his clients and friend Sir Alexander Galt acquired a Charter
on April 9, 1872, with Sir Alexander as president and Rawlings as manager in Montreal, Quebec
.
Today the GCNA is the largest provider of insurance to government
and governmental organizations across Canada.
They are the largest company providing contract and commercial surety bonds in Canada.
Surety bond
A surety bond is a promise to pay one party a certain amount if a second party fails to meet some obligation, such as fulfilling the terms of a contract...
and fidelity bond
Fidelity bond
A fidelity bond is a form of insurance protection that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees....
ing in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
.
It started out providing fidelity bonds for the employees of the railways (such as the Grand Trunk Railway
Grand Trunk Railway
The Grand Trunk Railway was a railway system which operated in the Canadian provinces of Quebec and Ontario, as well as the American states of Connecticut, Maine, Michigan, Massachusetts, New Hampshire, and Vermont. The railway was operated from headquarters in Montreal, Quebec; however, corporate...
) in the 1800s.
The earliest beginnings are traced back to an Edward Rawlings who in 1863 was dispatched from London, England, to Montreal
Montreal
Montreal is a city in Canada. It is the largest city in the province of Quebec, the second-largest city in Canada and the seventh largest in North America...
, Canada, to begin this venture. He initially went out of business, but together with his clients and friend Sir Alexander Galt acquired a Charter
Charter
A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified...
on April 9, 1872, with Sir Alexander as president and Rawlings as manager in Montreal, Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
.
Today the GCNA is the largest provider of insurance to government
Government
Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized...
and governmental organizations across Canada.
They are the largest company providing contract and commercial surety bonds in Canada.