Secrets of Bonding

Remember these from school?  I always found them slightly annoying. 

OK here we go!  Match up each one with its mate.  

1.      This surety bond has an annual term.  Plumbers and electricians need them.  The bond runs to the contractor’s municipality.		Site Bond
2.      Surety bond accompanying a project proposal. Bond has no expiry date and usually are never cancelled.		Power Of Attorney
3.      Guarantees the construction of “public improvements.”		FIA Surety: 856-304-7348
4.      Provides project info such as costs, billings and expected profits.		Work In Process Schedule
5.      Provides project info such as performance &/or claim issues, degree of completion, date of acceptance, final contract amount.		Overrun
6.      Proves that the person signing the bond on behalf of the surety has the authority to do so.		Pierre
7.      Performance bond premium charge for increased contract amount.		Contract Status Inquiry Form
8.      Who you call for site, subdivision and contract surety bonds.		Bid Bond
9.      Capital of South Dakota		License Bond

 

 

 

 

 

OK let’s see how you did.

1. This is a license bond. Usually written in low amounts and freely issued.
2. That’s a bid bond. They guarantee the bidders sincerity and interest in the project.
3. Site bonds cover water, sewer, sidewalks, roads – not the buildings.
4. Work In Process Schedule prepared by the construction firm using internal info only they have.
5. Status Inquiry Form prepared by the project owner indicating the degree of acceptance of the contractors work and indicating the overall health of the project – in their opinion.
6. Power of Attorney is attached to every surety bond proving its authenticity.
7. Overruns may be charged when contract increases occur or at the end when the job is completed / accepted.
8. FIA Surety expertise to solve your bond toughies. And we guarantee a same day response!  

You see, bonds CAN be fun and rewarding.

FIA Surety is a NJ based bonding company (carrier) that has specialized in Site, Subdivision and Contract Surety Bonds since 1979 – we’re good at it!  Call us with your next one.

Steve Golia, Marketing Mgr.: 856-304-7348

First Indemnity of America Ins. Co.