177. Credit Based Surety Apps: Q&A

Q. WHAT IS a credit based surety app?

A. These are short applications bonding companies use for bid and performance bonds that meet certain requirements.

Q. What are the typical criteria?

A. Contracts that are eligible for this approach are usually “plain vanilla:” Not too long or complicated, not too big, normal work for the client, in a favorable location, etc.

Q. What’s the advantage of using such apps?

A. The underwriting process is based on the quality of the applicant’s personal credit report, plus a few key underwriting questions. This method avoids having to gather all the normal bonding stuff.

Q. Are all these “quick” apps the same?

A. To a degree, yes. However, will the processing be both quick and easy? The program is not beneficial if you can’t get an answer when you need it…

FIA Surety’s FASTAPP includes a service standard: Submit our completed short form app and get a SAME DAY RESPONSE! How can you lose? And with a fast response, you’ll probably win the business!

Get it: FASTAPP by FIA Surety

FIA Surety / First Indemnity of America Insurance Company
2740 Rt. 10 West, Suite 205
Morris Plains, NJ 07950
Office: 973-541-3417

P.S. Check out our upcoming Free CE schedule here!

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