A new law in New Jersey requires all Home Improvement and Home Elevation Contractors to carry a license bond. We’ve created the shortest / easiest application!
Bond amount required:
1. $50,000 for the performance of services pursuant to a contract valued at more than $120,000 or for the performance of services, in the previous 12 months, for contracts valued at a minimum of $750,000;
2. $25,000 for the performance of services pursuant to a contract valued between $10,000 and $120,000 or for the performance of services, in the previous 12 months, for contracts valued between $150,000 and $750,000; and
3. $10,000 for the performance of services pursuant to a contract valued at less than $10,000 or for the performance of services, in the previous 12 months, for contracts valued less than $150,000.
Contact all your contractor clients now, plus any contractor associations. You can promise our legendary, fast service on these. Get the app here!
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!!
Fun! I actually remember seeing this in Readers Digest in 1963. Can you spot the problems?
More fun: There is a problem in this contract language, significant enough that we were unwilling to support it as written (we crafted an acceptable alternative.) Can you find it?
“Should Subcontractor, in the opinion of Contractor, at any time: ( I).) fail, refuse, or neglect to supply enough properly skilled workers or proper materials; (2).) fail to diligently perform or complete the Work in accordance with the current Project Schedule; (3).) fail to correct Work determined by Contractor to be defective; (4).) fail to make prompt payments for any material or labor used on the Project; (5).) fail to properly coordinate the labor employed by Subcontractor or its subcontractors; an d/or (6).) otherwise fail to perform in accordance with any of the other requirements of this Subcontract; then such shall be deemed an event of default. Contractor shall notify Subcontractor in writing of any default and demand that Subcontractor correct such default. Subcontractor shall correct any such default within forty-eight (48) hours (two (2) business days) of receipt of such notice from the Contractor or within such time as the Contractor may provide, in its notice of default to Subcontractor.“
Keep in mind, when litigating a bond claim, the “well-worded” P&P bond may be governed by the “poorly-worded” contract. This contract fails to require notification of default to the surety. This could mean the carrier doesn’t find out about the default until after money is spent, and the project is concluded – they just get a big fat bill! “Surprise!!”
That’s a subtle point with huge implications. It takes a sharp eye to detect and avoid such pitfalls. Call this another FIA Surety Success Story: Excellent underwriting producing record levels of production with minimal claim activity.
Call us for contract, site and subdivision bonds. We’re experts!
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!
Oh yeah, you wanted this…
1. The curtains are hung outside the window. 2. Through the window it is night, through the door, day. 3. Carrots are growing on a bush. 4. June has 31 days. 5. The calendar shows the week starting on Wednesday. 6. The figures on the clock are anti-clockwise. 7. There are brooms in the refrigerator. 8. There is a key and a keyhole instead of a handle on the refrigerator 9. There are two hot taps over the sink. 10. The top shelf of the sink cupboard is occupied by food. It should be occupied by sink bowl. 11. There are novels in the sink cupboard. 12. The handle of the sink cupboard door is on the inside. 13. There are no handles on the cupboard doors. 14. There is a large lounge chair in the middle of the kitchen. 15. The lounge chair only has one leg and castor missing. 16. The boy is wearing odd footwear. 17. He has a turned up cuff on only one leg of his trousers. 18. He is reading ‘Treasure Island’ but the author’s name is William Shakespeare instead of Robert Louis Stevenson. 19. The girl is using an electric polisher on a carpet. 20. There is no cord from the polisher to an electrical outlet. 21. The girl has odd sleeves.
Really enjoyed reading this book. It’s very informative, practical, and entertaining!! I even bought an additional copy to keep on my desk at work. Steve, thanks for all your info you regularly provide.
Last call for our next Zoom webinar on Friday, 11/1/24: “General Indemnity Agreements – Be an Expert!” For mood music, click!
This 3 credit webinar will increase your understanding of GIAs. These powerful documents play a key role in the surety relationship. Learn how to set up indemnity correctly, and how to avoid indemnity legally!
What our attendees are saying, “You always have the Best CE classes!!!”
Join us! Free. 3 CE credits. No exam. Click for info and to register.
Sponsored by: 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!
Here’s an exciting bit of news: The FIA SuretyFree CE program has provided agents and their colleagues with more than 5,000 hours of free, accredited training! That’s ALL for surety, except for our one (gotta have it) Ethics course. Amazing milestone!
Guess you could say we’re committed to being your best bonding company, best all-around partner, ultimate problem solving surety carrier! Contract, Site and Subdivision bonds have been our specialty for more than 40 years. Call us when the next one pops up! Experience our prompt and creative responses – designed to get your deals done.
And get into our Free CE program. Our next course is on 11/1/24, three hours on General Indemnity Agreements. Sound boring? It isn’t! You’ll be amazed… Click for info and to register here. (Now includes NY)
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!
$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!
Yiiiieeee! Always scary, but it looks like our last Free CE Zoom webinar was a big success!!
Actual attendees comments: * Thank you! this class was very informative. Looking forward to the next class!! * Thank you for your time sir, this was incredibly helpful. * This class was awesome and refreshing it was in Surety! I will certainly be back to take future classes. * Always love these classes! * Amazing content Steve! Look forward to next month CE! * You always have the Best CE classes!!!
They liked it… 👍
Join us for the next Free CE program. 3 credits, no exam. November 1, 2024 Friday “General Indemnity Agreements – Be An Expert!” Learn about these amazing documents, more powerful than you would ever expect.
The S. Carolina Insurance Dept. requires that you execute a webinar affidavit (see link below) and return to sgolia@fiasurety.com This is needed for every webinar.
In order to comply with Florida state requirements, we are obligated to verify your identity. Please send back a selfie holding your driver’s license or similar government issued picture ID. (Take picture and email to us. sgolia@fiasurety.com) You only need to file this with us ONCE.
The Florida Insurance Dept. also requires that you execute a webinar affidavit (see link below) and return to sgolia@fiasurety.com This is needed for every webinar.
Special Note Only for Florida: “Ethical Foundations in Insurance” is no longer accredited due to the new Florida CE requirement for “4 hours of Law and Ethics.”
What do you want from a bonding company / surety carrier?
Fast service – prompt response on new submissions and bond requests
Production mentality – motivated to write the business, even if some creativity is required
Full tool box – Can write traditionally or with funds control, escrow accounts, collateral (including mortgages on property), set aside letters, retainage management, loan subordination, etc.
National – provides bonds in every state
An open door – a carrier that handles all types of construction, site and subdivision bonds
Strength and stability – Long operating history, stable player, highly rated
Focus – A carrier dedicated to surety only, a true expert in a field of generalists
Want all this? Then reach for the top shelf. FIA Surety meets your needs. Find out what you’re missing! Call us with your next surety bond.
FIA Surety / First Indemnity of America Insurance Company 2740 Rt. 10 West, Suite 205 Morris Plains, NJ 07950 Office: 973-541-3417
Discover our FREE CE Surety School. Next free Zoom webinar is on Tuesday 10/1/24: “WIP Schedules – Own Them!” Now approved for all agents in New York State!
