Where could you place this tough case?
We supported it!
- $3.3 million contract (Performance and Payment bond needed)
- Internally prepared fiscal year-end statement
- Debt to Equity 10.3:1
- 2024 interim net loss, negative NWAA
The FIA Surety Solution:
- Our advanced data processing converted the Accrual Method statement to % of Completion, enabling us to determine the strong status of the client’s billings and make an Underbilling balance sheet adjustment.
- A conference call with the client revealed important factors affecting their 2024 performance and expected outcome.
- Accounting presentation will be upgraded for 12/31/24.
- Project specific bank credit was arranged to support the new contract.
It wasn’t easy – but we got there with the capable help of our agent and good cooperation from the client.
Would you expect any less from your best surety carrier?
And don’t forget to check out our Free CE program for agents here. (Now includes NY) Awesome program coming up on 11/1/24!
FIA Surety / First Indemnity of America Insurance Company
2740 Rt. 10 West, Suite 205
Morris Plains, NJ 07950
Office: 973-541-3417
A carrier providing A rated, T listed bonds in all states!