Can you solve this client’s problem?
Actual Case
* Our client is a project owner. A builder is under contract to construct new offices, no P&P Bond.
* A subcontractor of the GC filed a lien on the project.
* GC has been unresponsive in resolving the dispute.
* The lien is preventing the construction lender from disbursing a large payment to the client.
* Client does not have additional funds to put up 110% collateral for a Release of Lien bond.
* This contract is facing termination. The client is depending on the agent and surety for assistance.
HOW WILL YOU SOLVE?
The FIA Surety Solution
* Lender’s approved the loan disbursement, except for the lien.
* Loan disbursement amount was more than the collateral requirement for the bond.
* Lender agreed to issue an ILOC running to FIA Surety when the lien was released.
1. Bond was filed
2. Lien released
3. THEN the ILOC was issued
4. Construction loan funded the remainder of the project.
The project is saved! The agent is a hero! Our exceptional flexibility in handling the collateral made all the difference!
FIA Surety / First Indemnity of America Insurance Company
2740 State Route 10 West, Suite 205
Morris Plains, NJ 07950-1258
A carrier providing A rated T-listed bonds in all states!