* Tuesday 6/19/18: We received an urgent submission. A new client needed a $1 million final bond. We reviewed the file immediately and sent back our “road map to success.”
- New file. Short fuse. All the basic analysis, credit reports, financial evaluation, indemnity agreement, etc. were needed.
- Another surety had issued a bid bond, but because of unexpected developments, was unable to provide the final bond
- There was a bid spread
- The job specifications needed clarification regarding the surety obligation and possible requirement for a maintenance bond
- Company year-end FS was a draft
- Analysis regarding the collection of FYE Receivables was needed
- Two other sureties reviewed this opportunity, causing the clock to run down for the client
* Wednesday 6/20: Agent provided additional info.
* Thursday 6/21: An engineering evaluation of the project was completed, including the adequacy of price. Wednesday evening and Thursday, the underwriting review was completed. Bond is approved!
*Friday 6/22: Bond is issued and in the hands of the agent and contractor.
Actual agent comment: “Thanks so much! Great job!”
Making our agents look good. That’s what we do.
We can help you solve your next contract surety need. Call 856-304-7348
Great news!! Today you can check off one more item from your Bucket List!
Current Bucket List:
- Learn to bartend like Tom Cruise in “Cocktail”
- Visit Abbey Road in London and re-create The Beatles’ cover
- Hug Mickey Mouse
- Write my name in wet cement
- Bury a time capsule
- Ride a Vespa
- Find a Bonding Company as Good as I Want
- Make a tie dye shirt
- Be the house on the block with the most Christmas lights
- Try every cheesecake at The Cheesecake Factory
Today you can finally check off #7: “Find a Bonding Company as Good as I Want” There are two big questions and we will answer them now.
What do you want from a bonding company? They must have capacity. If the company is too small, they can only write tiny bonds. They are of little use to Surety Bond Agents and their Contractor clients.
Good credentials. The bonds must be widely accepted so contractors can use them on various contracts, in any state.
Flexible underwriting. The process of getting the bond approved must be willing and aggressive, like the underwriters actually want to write the bond.
Speed. You can’t wait forever for an answer. How long should it take the underwriter to respond? Basically, your Bucket List surety will give you a same day response.
What about speed? Our underwriting expertise originated in the early 70’s! We have lots of experience solving problems for our clients efficiently and with a same day response.
Hooray! You nailed #7. When you need the next bid or performance bond call us: 856-304-7348.
Now, here is a link to help you with #1: Click!