Month: May 2021

Memorial Day 2021

With Gratitude and Respect, join us in honoring our great military heroes.

The Tomb of the Unknown Soldier

Sign our national Thank You card to current service members here and abroad.

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

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

Last Call for 6/1/21 Free CE

It’s not too late to get in on our Free CE webinar on 6/1/21 “Surety Bonds 101!” Register or watch one minute video about our accredited CE school.

Brought to you by your best surety for Site and Subdivision Bonds:

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

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

179. De-Mystify Subdivision Bonds

FIA Surety is a strong niche player that specializes in Site and Subdivision Bonds – but you may not be. In fact, if “surety” is a small slice of “bonding”, Subdivision is an even smaller part (a subdivision?) of surety bonds. Cool bonding joke?

Let’s take some of the mystery out of this subject:

  • Q. Who may require one of these bonds? A. Any commercial property owner who modifies or adds to their building or property, strip mall developers, home builders, land developers.
  • Q. Are these the same as a Performance Bond? A. They do guarantee that construction will be completed, but on these bonds, the principal (bond applicant) is paying for the work. Other differences: There is no construction contract with the obligee, and no required completion date.
  • Q. What is the underwriting approach?
    • A questionnaire and financial statements are required
    • There may also be mandatory bond forms from the obligee
    • The planning board approval for the project is reviewed
    • We also need the municipal engineer’s list of “public improvements” that will be covered by the bond
    • Since the work is self-financed, we need evidence of how the client will fund the work
    • Also need to know who will actually perform the construction

That’s pretty much “it!” Sounds easy, right? Why do most underwriters avoid these bonds? We don’t! We have written them energetically for more than 40 years!

When you need one, call the experts.

Watch Site and Subdivision Bond Video

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

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