If you attended our Free CE course called “Surety Bonds 101” you know that bonds are not insurance.
You may recall some of the differences: Bonds have three parties involved not two, there is no risk transfer, the bond may be non-cancellable, etc.
A significant part of surety underwriting is based on trust, trust that is the product of a favorable rapport between the producer and underwriter. This simply means, the more bonds you write with a specific underwriter, the more you will be able to write – because a foundation of trust has been created. It is important to the underwriter. Therefore, it must be important to the producer.
How to Go Deeper
The agent’s marketing effort should be focused on one underwriter, selected based on the company’s appetite, the underwriters preferences, and any other determining factors. If #1 doesn’t work out, you move on to #2.
What you don’t want to do is spread the file all over the market. Doing so erodes your rapport with every underwriter. It sends this message, “You people are all the same to me. I don’t offer any market loyalty. I’m not interested in building a relationship…” Get it?
Go Deeper. Build a rapport with your best markets. Assure them “This is yours to write!” and watch them rise to the occasion. That’s what WE do!
FIA Surety / First Indemnity of America Insurance Company
2740 Rt. 10 West, Suite 205
Morris Plains, NJ 07950
Office: 973-541-3417
Site and Subdivision Bond Specialists
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