Month: September 2020

Surety Bonds: An Irish Tale “Lynch the ILOC Slayer”

Steve Golia2 Comments

There once came a Irish warrior from a family of mariners.  He lived in an ancient time, a time of struggle. (Celtic music)

   Gaelic nobles were the landowners of this era.  It was their mission to develop and improve the region by use of their special skills.  But an impediment arose.  The ILOCs came to prey on them – savaging the noble’s efforts to expand their estates.
   And so Lynch was summoned home from the sea.  The storied fighter donned his battle gear and the hunt commenced.  He pursued the ILOCs from the Hill of Tara to Newgrange.  He brought them destruction.
   Some nobles were in the clutches of the ILOCs, no hope of escape. Lynch’s iron spear came to bear, vanquishing the oppressors!
   The nobles flourished under the protection of Lynch’s shield – and a defense against future ILOC attack was mounted.
Thus is the Irish tale of “Lynch the ILOC Slayer!”
Is this a true story?  Could it be based on fact?  The answer will be revealed…

FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ
2740 Rt. 10 West, Suite 205
Morris Plains, NJ 07950
Office: 973-541-3417
We are currently licensed in: NJ, PA, DE, MD, VA, NC, SC, WV, TN,  FL, GA, AL, OK, TX

U.S. DEPARTMENT OF LABOR PROPOSES RULE TO CLARIFY EMPLOYEE AND INDEPENDENT CONTRACTOR STATUS

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U.S. DEPARTMENT OF LABOR PROPOSES RULE TO CLARIFY EMPLOYEE AND INDEPENDENT CONTRACTOR STATUS

“The Department’s proposal aims to bring clarity and consistency to the determination of who’s an independent contractor… Click for more

Brought to you by FIA Surety, a provider of Site, Subdivision, Bid and Performance Bonds.

First Indemnity of America Insurance Company

2740 Rt. 10 West, Suite 205

Morris Plains, NJ 07950

Office: 973-541-3417

Visit us: http://www.fiagroup.com

We are currently licensed in: NJ, PA, DE, MD, VA, NC, SC, WV, TN,  FL, GA, AL, OK, TX

Increased Production

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Ever wonder why a surety bond underwriter asks you for new business?

  • Is it because they are nosy and want to gauge your agency strength?
  • Does the surety has a loss ratio problem?
  • Has poor customer service caused the underwriter to fall short of goals?
  • Or maybe the underwriter has a sincere interest in deepening your relationship for mutual benefit.

FIA has been writing Site/Subdivision, Bid and Performance Bonds for over 40 years.  We are “A” Rated and having an excellent 2020!

“Can we help you with any new business?”

Call: 856-304-7348

FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ

We are currently licensed in: NJ, PA, DE, MD, VA, NC, SC, WV, TN,  FL, GA, AL, OK, TX

Bnods? Bonsd? You can’t even spell “Bonds!”

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Maybe you don’t need to be a super expert on Surety Bonds. But you don’t want to be intimidated by the word either…

You can fix that now with our FREE CE program! FIA Surety is a bonding company that has specialized in Site, Subdivision and Contract surety since 1979. We’re also an approved Continuing Education provider.

It’s not too late to register for our 10/1/20 free webinar worth 3 CE credits in NJ, PA, SC,FL, TX and TN. The subject is Understanding Site and Subdivision Bonds.

The 11/2/20 class is on Bonding Basics – fun for all!

Don’t miss out. Learn how to spell B-O-N-D-S and more. The classes are a free service of FIA Surety. No exam. Take the Zoom class from your home or office computer.

Learn more and register now.

FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ

We are currently licensed in: NJ, PA, DE, MD, VA, NC, SC, WV, TN,  FL, GA, AL, OK, TX

Project Re-Start Seminar for Contractors

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As associate members of NASBP, we are passing along info on a valuable / timely seminar coming up on 10/6/20, a live event at 2:00 EDT. Duration: 1 hour.

Your contractor clients want to know about this:

CRITICAL PROJECT RESTART STRATEGIES: BEST PRACTICES TO HELP CONSTRUCTION FIRMS RESTART PROJECTS

Presenter: Gregg Schoppman, Principal and FL Consulting Mgr, FMI

Description: With the goal of preventing COVID-19 transmission, adhere to quarantine rules, and deal with “stay at home” guidelines, many construction projects nationwide have been shuttered. Now businesses must recognize the importance of project restart strategies that are imperative to ensure successful completion. In the same vein that the work came to a screeching halt, the restart of construction projects will have the same frenetic pace as the New York City Marathon when the “starting gun goes off.” Ideally, construction leaders would like to see a seamless transition to simply “continuing where they left off.” Realistically, even if the restart occurs just seven days after a work stoppage, activity would not resume normal function due to everything from supply chain disruptions to new hygiene-related work rules. Construction projects will resemble the trajectory of an ocean-going super tanker trying to turn rather than a high-performance sports car cornering on a dime.

In this webinar, construction leaders will learn the following:

  1. FMI’s “Restart Strategy” for projects
  2. The impact to the supply chain and conduct collaborative conversations to drive action and results
  3. Cash flow, billings, and costs to determine the fiscal results of COVID-19 on projects and work in progress
  4. Important considerations related to workforces, delays, protocols, and the ever-important “Project Exit Strategy”

Cost is $179.

Register

Since 1979, FIA Surety (a bonding carrier) has provided Site, Subdivision, Bid and Performance Bonds. Check us out!

FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ

We are currently licensed in: NJ, PA, DE, MD, VA, NC, SC, WV, TN,  FL, GA, AL, OK, TX

169. Changing Horses: Site & Subdivision Bonds

Steve GoliaLeave a comment

Abe Lincoln said it.  And it’s mostly true.  But here is one time when it really does make sense to “Change Horses In Mid-Stream!”

When Developers and Home Builders start a new project, they give security to the city or township guaranteeing the construction of public improvements (streets, curbs, lights, water, sewer, etc.) The security may be in the form of cash, a bank issued irrevocable letter of credit (ILOC), or a surety bond.

They’re all the same to the township, but there are huge differences for the contractor. The most obvious is the loss of use of their funds. How long will the money be tied up? It can take much longer than expected to get these obligations released (the township is in no hurry!)

If a dispute arises and cash or an ILOC was used, the township just takes the contractor’s money.  It’s all over.  With a surety bond, there is a discovery process through the claims department.  The contractor has input and may affect the outcome.

So, back to the horses.  For clients that have already posted cash or an ILOC, they can swap it out with a surety bond!  Get their money back. Gain more control. Protect company assets.  Put the cash to good use!

How to start? Call FIA Surety.  Since 1979, we have been a steady provider of site and subdivision bonds.  We do little $20,000 site bonds for commercial property owners and have written multi-multi million dollar subdivision projects.  Come to the experts to swap in a surety bond, or to write a new project. We get them done!

Read expert analysis: Why Surety Bonds are the way to go here.

Call FIA Surety: 973-541-3417

Steve Golia 
FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ

We are currently licensed in: NJ, PA, DE, MD, VA, NC, SC, WV, TN,  FL, GA, AL, OK, TX