Month: October 2020

172. Eureka! Agent Finds Gold Nugget!

Steve GoliaLeave a comment

It was right there all the time, and he didn’t know it!

These “gold nuggets” are missed commission opportunities within your current client base, and they’re NOT hard to find.

Some of your client’s activities must be guaranteed with a 1. Cash Bond, 2. Irrevocable Letter of Credit (ILOC) or 3. Surety Bond. Experts agree* that a surety bond is best. You can find these transactions that are not bonded, and offer to replace the existing security with a Site or Subdivision Bond. Here’s how:

  1. Search your clients for those who have added GL codes 91581, 91583 or 91585. These codes mean your client has added Subcontracting Exposures in connection with property development.
  2. Such projects may require a guarantee to the township for Public Improvements (work such as curbs, sidewalks, etc. your client is required to perform at their own expense.)
  3. If they used a Cash Bond or ILOC, they may unnecessarily tie up their cash – possibly for years! A Surety Bond can be filed to release the cash immediately, and YOU win a “Gold Nugget!“

Start panning, and call when we can help. When it comes to Site and Subdivision bonds, We’re Golden! Try us!

Steve Golia
FIA Surety / First Indemnity of America Insurance Company
2740 Rt. 10 West, Suite 205
Morris Plains, NJ 07950
Office: 973-541-3417
Visit us: www.fiagroup.com
Cell: 856-304-7348 
Currently licensed in: NJ, PA, DE, MD, VA, NC, SC, WV, TN,  FL, GA, AL, OK, TX

*International Risk Management Institute – About Site and Subdivision Bonds

FIA: The Surety That Loves You Back

Steve GoliaLeave a comment

YOU LOVE US because you need at least one enthusiastic market for Site and Subdivision Bonds!

WE LOVE YOU BACK by providing Free CE Credits from the convenience of your home or office computer. Free webinar, no exam!

Need a bond? 856-304-7348

Join our 11/2/2020 free, 3 credit webinar. Approved CE provider in: FL, GA, NJ, PA, SC, TN, TX

FIA Surety / First Indemnity of America Insurance Company
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

Surety Bonds: An Irish tale, “Lynch the ILOC Slayer” Revealed

Steve GoliaLeave a comment
You read the tale of Lynch the Mariner – summoned from the sea to defeat the ILOCs*. (Review the tale here)
Is it true, or just glorious legend? Here are the facts:
  • For more than 40 years, Patrick Lynch, founder of FIA Surety, has fought for developers and homebuilders by providing the Site and Subdivision Bonds they need. Better than an ILOC, the Subdivision Bond prevents the developers cash from being tied up for years.
  • FIA Surety actively replaces (Slayer!) existing ILOCs that developers have filed to secure their projects. We issued 25 in just 30 days! Developers regain the use of their cash and bank credit! This is a huge service agents can bring to their clients.
  • Protectors of the developers assets: Better than an ILOC, our surety bonds can help protect (Lynch’s shield) the developers assets from frivolous claims.
“Lynch the ILOC Slayer” Fact or fiction?  You decide!
When a Site or Subdivision Bond is needed (new or to replace an evil ILOC), now you know who to call.
   *ILOC = Irrevocable Letter of Credit issued by a commercial bank.
FIA Surety / First Indemnity of America Insurance Company
2740 Rt. 10 West, Suite 205
Morris Plains, NJ 07950
Office: 973-541-3417
Visit us: www.fiasurety.com
We are currently licensed in: NJ, PA, DE, MD, VA, NC, SC, WV, TN,  FL, GA, AL, OK, TX
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171. HOW TO Replace an ILOC with a Subdivision Bond

Steve GoliaLeave a comment

 

The Land Developer’s money is tied up because an ILOC* was used to secure the township instead of a Subdivision Bond. It’s not too late to fix this critical error! (Why an error?)

Here’s how to do it:

  1. Have your insurance agent contact us or the land developer can call us directly to start the process.
  2. We’ll get to know you and find out about the project.
  3. We approve the bond, and normally no collateral (security deposit) is required!
  4. Contact the planning board and request permission to replace the ILOC with a Subdivision Bond.
  5. We issue the bond. The developer’s ILOC, and the funds that back it are released!!

It’s just that simple…

Let’s go! Call FIA Surety: 973-541-3417

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

*Irrevocable Letter of Credit issued by bank