* 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.”
Complicating factors:
- 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
Secrets of Bonding 