Secrets of Bonding

SURETY: A Question for the Ages

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Rate or Capacity? Which is more important for contractors?

Pork Chops, only $.89 per lb!!
But sorry, we’re all out of ’em…

Surety Bonds can be like that: A great price (low rate), but they’re all out – no capacity available. So there lies the answer. An awesome bond rate is useless if the underwriter is inflexible, unresponsive, and does not provide capacity when needed.

This is where FIA Surety comes in! We are highly experienced, big-picture underwriters. Each of our underwriters has between 20 and 40 years experience. You don’t have to train us!!

When your regular underwriters “don’t get it,” give us a call for a creative response. We are true surety experts! Contract, Site and Subdivision bonds in all states.

First Indemnity of America Insurance Company
2740 State Route 10 West, Suite 205
Morris Plains, NJ 07950-1258
856-304-7348

http://www.fiasurety.com


Providing A rated, T-Listed bonds in all states!

SURETY: What’s In Your Toolbox?

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Yesterday I had a conversation with an agent to see if we could do business. He said “Sorry, we already have 25 sureties!”

Wow! Think about that: 25 sureties.

Why would they have that many tools in their toolbox? I’m guessing they want to be sure they have a market to solve any of their client’s bonding needs.

I told him they don’t need 25, they only need one – the RIGHT ONE!

FIA Surety is First Indemnity of America, a 40+ year old surety carrier that specializes in contract, site and subdivision bonds. Here’s why you need us.

Testimonial:

“In my 50 plus years as a surety agent, I have found a refreshing carrier with a positive, can do, think outside the box perspective that helped me put on one of the largest single job commissions in my career. We were persistent to get to the goal line without degrading our underwriting standards. It helped a contractor that is well qualified obtain a project that many other sureties declined because they were unable to listen to the whole story, be creative, be flexible and not be status quo.”

When your next surety bond pops up, give us a call!

FIA Surety / First Indemnity of America Insurance Company
2740 Rt. 10 West, Suite 205
Morris Plains, NJ 07950
Office: 973-541-3417
Providing A rated, T listed bonds in all states!

SURETY: Solve This Challenge!

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Real live case:

A new applicant called us today regarding a P&P bond they need for a school district project.

I asked: “How did you acquire this contract? (public work is typically bonded) Was a bid bond used? Answer: “Yes.”

He went on to explain that the bid bond provider wants his wife’s personal indemnity, which they don’t want to give. (Apparently this was not discussed in advance!) He owns the company. “She doesn’t have anything to do with it.” I assured him full indemnity is normal, and we typically require it, too.

Challenge Question: What’s the next step to help this applicant?

  • The client could go back to the bid bond provider and offer them collateral in lieu of full indemnity.
  • They could offer to sign a “Non-transfer Agreement” which prohibits moving assets between the indemnitor and the non-indemnitor.
  • If they want us to consider, we could look at those two options.
  • They could try a new agent and underwriter and may get a different response.
  • They could offer the school district cash collateral or an Irrevoccable Letter of Credit issued by a commercial bank in lieu of the P&P bond.
  • They could also offer the school district a Tripartite Agreement – which is a form of funds control.

At FIA Surety, you don’t get knee-jerk reactions. You get thoughtful responses, promptly given. We’re proud of the fact that we’ve been a highly successful “surety only” market for over 40 years. We’ve seen it all – twice!

Put our vast expertise to work and solve your client’s problems.

FIA Surety is First Indemnity of America Insurance Company, a carrier providing A rated, T-listed bonds in all states!

http://www.fiasurety.com

SURETY: Missing the Boat?

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Here is just one of our current customer reviews:

“I just completed my first bond placement with FIA. Their response to my inquires were answered in minutes. They offered terms and conditions that were most satisfactory to my client. They were a pleasure to business with and I look forward to doing business with them in the future.”

You can do better for your clients and yourself!

Call us when your next Contract, Site or Subdivsion Bond pops up!

FIA Surety / First Indemnity of America Insurance Company
2740 Rt. 10 West, Suite 205
Morris Plains, NJ 07950
Office: 973-541-3417
Read more 5 star reviews: fiasurety.com

A Carrier Providing A rated, T listed bonds in all states!

SURETY: Veterans Day 2023

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Join us in thanking and praying for the well-being of our brave protectors!

First Indemnity of America Insurance Company
2740 State Route 10 West, Suite 205
Morris Plains, NJ 07950-1258

Providing A rated, T listed bonds in all states!

Surety: Free CE Update

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Our November, Free CE Webinar was a resounding sucess!!

Actual attendee comments:
* Thanks Steve for another awesome webinar!!
* Looking forward to the future classes!!!
* Thank you for the class…appreciate the insight and discussion.

Our December 1st webinar is a particularly “meaty” subject:

“WIP Schedules – Own Them!”

After this class you will appreciate the functionality of this essential underwriting document. Bring your calculator and prepare to make WIP Schedules your friend!

For further info about our program, and to register: Click!

Brought to you by your best carrier for contract, 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
Providing A rated, T listed bonds in all states!

FIA Surety School Policies

Steve Golia1 Comment
  • The purpose of the school is to provide a benefit primarily for FIA Surety appointed agents.
  • We will provide continuing education accredited webinars in specific states.
  • Our program is provided free of charge.
  • Our educational focus is primarily on surety bonds.
  • We are not a law firm and we are not giving legal advice in these courses. Contact your attorney for such matters.
  • Neither the school, nor FIA Surety, assumes any responsibility in regard to the application of continuing education credits, individual license renewals or any inconvenience or loss that may arise in connection with such credits or licenses.
  • Attendees are reminded to directly verify the status of their CE credits.
  • FIA Surety School reserves the right to determine the day and time of webinar events and we are not obligated to provide notification of schedule changes. The schedule is published and periodically updated on this blog page: https://fiasurety.blog/2020/08/16/free-ce/
  • Due to limitations on our maximum class size, we must prioritize seating availability to assure our appointed agents have maximum access to the program.  In some cases, individuals who are not our appointed agents, or members of such organizations, may be placed on a waiting list.  The final attendee list will be determined on the business day prior to the webinar.

Steve Golia, School Director

10/31/23

Performance Bonds? Site Bonds? Subdivision Bonds?

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* Performance Bonds
* Site Bonds
* Subdivision Bonds

Are they all the same thing?!
Are they different?
If so, HOW are they different?

After the FIA Surety 11/1/23 Free CE Zoom webinar, you’ll know!

Click here for further details and to register. View our entire upcoming schedule.

Brought to you by your best carrier for Contract, 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
Providing A rated, T listed bonds in all states!

WANT a Bond Kit?

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GET a Bond Kit!

Just tell us where to ship it and we’ll send you all this useful / cool stuff! (Recipient must be an insurance agency employee.)

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Thank you for your response. ✨

Brought to you by your best carrier for Contract, 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

SURETY EDUCATION

Steve Golia1 Comment

How much would you pay for 27 hours of expert surety training by an author for the AFSB designation?

FIA Surety agents pay: NOTHING!

Welcome to the FIA Surety Private Library – an online educational facility that will educate and hone your surety skills. Underwriting, production and especially problem solving are covered in great detail. Give us a call and we will provide your exclusive agency Library Pass.

Visit the programs at your own leisurely pace or go on a surety binge! Share the Library Pass with your colleagues.

Call today! 856-304-7348

Brought to you by your best carrier for Contract, 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

Providing A rated, T listed bonds in all states!