bid bond

Bnods? Bonsd? You can’t even spell “Bonds!”

Steve GoliaLeave a comment

Maybe you don’t need to be a super expert on Surety Bonds. But you don’t want to be intimidated by the word either…

You can fix that now with our FREE CE program! FIA Surety is a bonding company that has specialized in Site, Subdivision and Contract surety since 1979. We’re also an approved Continuing Education provider.

It’s not too late to register for our 10/1/20 free webinar worth 3 CE credits in NJ, PA, SC,FL, TX and TN. The subject is Understanding Site and Subdivision Bonds.

The 11/2/20 class is on Bonding Basics – fun for all!

Don’t miss out. Learn how to spell B-O-N-D-S and more. The classes are a free service of FIA Surety. No exam. Take the Zoom class from your home or office computer.

Learn more and register now.

FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ

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

183. FIA Surety: Turning “DUH!” into “TA-DAH!”

Steve GoliaLeave a comment

How it started: “Hi Steve, I have a strange scenario I hope you can help me…”

Our agent had a performance bond client established with a surety and the SBA program.  They needed a P&P bond for a municipal project and the surety demanded payment in advance.  The client could not comply.

The award and notice to proceed were issued and the contractor commenced with the work – but the obligee forgot about the bond, until now. The contract is completed but the client cannot receive their final payment until they file a maintenance bond.  Due to weak credit, the surety is refusing to issue unless they add additional indemnitors.  The job is finished: DUH!

We gathered a file and asked for a status inquiry form from the obligee (to confirm the degree of completion and obligee’s satisfaction with the project.)  The contractor passed along the form, but the project manager refused to complete it, stating he “never saw one of these before.” DUH #2!

We made contact with the township engineer and after a friendly conversation, were able to verify everything was OK and they promptly completed the form for our records.  We evaluated the bonding requirements and determined that the Performance bond form contained an 18 month maintenance clause (no separate maintenance bond), so the P&P bond was still needed.  FIA Surety issued it, and with no SBA support or additional indemnity required: TA-DAH!

The agent is happy.  The contractor is happy.  The township has a completed project with maintenance coverage. We bonded a job that was completed and accepted.  Now was that so hard?

FIA Surety is First Indemnity of America Insurance Company, your go-to carrier for Site, Subdivision, Bid and Performance bonds. Call 856-304-7348

Making TA-DAH moments for our clients since 1979.

FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ

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

Graduate from the SBA

Steve GoliaLeave a comment

Congrats to the kids!!  They finally made it.  Now its their time to move on and move up.  What about contractors in the SBA Bonding program?  Is it their time to graduate?

The SBA program is a great help, and the people are awesome: dedicated, helpful.  But the program has a down side.  It costs time and money to obtain their bonding support.  So if a contractor could get federal and other projects without this extra step, why wouldn’t they?

Here’s what you gain, more or less, by graduating into a regular surety relationship:

More

  • Time to pursue productive activities – new projects, strategic planning, employee training, educational opportunities, etc.
  • Time for other personal and family priorities
  • Profits on your projects and financial statement overall
  • Increased profits can lead to higher bonding limits and bigger projects
  • Credibility – a graduated company no longer needing extra help

Less

  • Bonding expenses (bond premium plus SBA fee) on each project
  • Time spent filling out double forms for the surety and the SBA
  • Answering questions to both
  • Waiting for approvals

OK, so if graduating sounds great, how do you do it?

Step one: Ask the current bonding company to provide bonds without the SBA program.  If they do it, you can thank us later!

Step two: If they refuse, call FIA Surety!  We provide bonds for federal and local projects without the need for SBA support.  It takes a creative, experienced surety to graduate contractors.   FIA has been providing Bid, Performance & Payment, Site and Subdivision Bonds since 1979. We’re steady.  We’re willing.  We’re creative.

It’s time to graduate!

For Site, Subdivision, Bid and Performance Bonds call Steve Golia: 856-304-7348

FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ

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

NO GOOD REPORT FOR FIA SURETY

Steve GoliaLeave a comment

Oh, the irony!

Last week Patrick Lynch Jr. received glowing praise over our handling of a recent bond request.  He asked the agent, “Wow thanks, do you mind if we use that in our advertising?”  The agent refused!

Why?  He said he wants to keep us all to himself!    Gotta love it.

Are you that enthusiastic about your surety underwriters?  Find out what you’re missing…

For Site, Subdivision, Bid and Performance Bonds call Steve Golia: 856-304-7348

FIA Surety / First Indemnity of America Insurance Company  Visit us: www.fiagroup.com
We are currently licensed in: NJ, PA, DE, MD, VA, NC, SC, WV, TN,  FL, GA, AL, OK, TX

Get to know FIA Surety: Patrick Lynch Jr.

Steve GoliaLeave a comment

Egyptian Proverb: “The Boat That Has Two Captains Sinks.”

We can assure you; FIA Surety is stable and doing great – but we do have two Captains!  Read more:

Pat Lynch Jr. was born in Union NJ and studied culinary arts in high school. He worked in restaurants and was a catering manager.  His meteoric rise in the culinary world was tragically cut short when he realized he is allergic to carrots! Not wanting to give up every Christmas, Easter and Thanksgiving may have also played a role…

After graduating, Pat joined the company performing light construction at FIA’s new offices and later assuming an underwriting position under the guidance of his dad, Patrick Lynch Sr.

Over the course of 20 years, Pat has distinguished himself as an expert relationship manager.  His underwriting responsibilities place him in close contact with our agents and principals.  He has been uniquely successful in nurturing agency relations and has consulted with many of our clients to help them resolve problems and grow their businesses.

“We are a surety that works to solve problems and give clients a path forward.”

This positive attitude helps our clients and our company!

3 years ago, Pat was promoted to VP of Underwriting and Bond Manager. He is also president of ABSCO LTD. Inc. the holding company for FIA.  His expanded responsibilities are balanced out with his outdoor activities.  These include ATV riding and fishing.  Pat, like his dad Pat Sr., is a licensed sea captain.  Their forte is deep sea fishing 100 miles out on the continental shelf.  Pat looks to fight 500-pound tuna on these excursions!

At FIA Surety, we have two captains, but only one commander of the ship.  With the able-bodied help of Pat Jr., Pat Sr. has managed the company with a steady hand since 1979.

Pat Jr. specializes in Site and Subdivision bonds.  If you need one, call him directly at: (973) 541-3403

FIA Surety / First Indemnity of America Insurance Company

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

Get to Know FIA Surety: Paul Alongi, Sr., Claims Manager

Steve GoliaLeave a comment

When was the last time you spoke to a personal friend of Joe Pesci and Frankie Valle? Ok, never? Well, meet our Claims Manager, Mr. Paul Alongi, Sr.

Paul was born in Newark, the oldest of four children and graduated from Barringer High School.  Joe Pesci and Frankie Valle were among his friends. Born with a love of music, he learned to play tenor sax at age 7.  As a big band member, his group backed up Connie Francis, Dion and the Belmonts, Tony Bennet, Xavier Cougat, Al Martino and others.  To this day, Paul is an active musician playing in several venues.

He was athletic, too!  Paul tried out for the NY Yankees in these early years.

Paul started his insurance career in the actuarial department of U. S. Life and studied for his law degree at night. In five years, he graduated from Seton Hall Law School and started his law practice.

While running for public office, Essex County Freeholder, he met a fellow candidate, Patrick Lynch.  Years later this would result in Paul joining Pat’s young company “First Indemnity of America Insurance Company / FIA Surety” to become our first Claims Manager.  He’s been a valuable asset all these years.

Paul has served on the Bloomfield Board of Education (President), the New Jersey Commission of Investigations, and has also been a long-time leader in many community organizations, including: the Bloomfield Federation of Music and Civic Band, the Garden State Concert Band, St. Thomas the Apostle Parish and Finance Councils, Holy Name Society and Circle of Friends.

Paul is a highly experienced problem solver and, he is accessible to our agents and clients!  973-541-3414

FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ

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

 

182. Banker Holding Back

Steve GoliaLeave a comment

Sure, your banker loves you. But here is important info they want to keep from Home Builders, Developers and their Agents.

When starting a new project, developers must secure the project with the township. This can be in the form of:

  1. Cash
  2. Bank issued Irrevocable Letter of Credit (ILOC,)
  3. Or a surety issued Site/Subdivision Bond

The International Risk Management Institute says a surety bond is better than an ILOC:

“Corporate surety bonds are far and away the most preferred option for most owner/developers when you consider the potential disadvantages of the alternative guarantee forms.”

Now you know. Too late if an ILOC was already filed with the township… or is it? Actually, our surety bonds can be filed to replace / release the ILOC. Your banker won’t tell you that either!

This is a great move for developers! Get back your cash. Use it to acquire or start a new project. It’s NOT too late the fix the ILOC mistake if you know where to go. Most sureties won’t write this type of bond but at FIA, it’s our specialty!

FIA is also one of the few bonding companies that will write Down-payment bonds for it’s Home Builders freeing up even more usable cash for your company.

If you have an immediate need for a Site/Subdivision bond or are interested in replacing an existing ILOC with a bond, call us at 856-304-7348.

Steve Golia

FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ

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

Site and Subdivision Bonds – The Sequel

Steve GoliaLeave a comment

In March we told you why Home builders and their Bonding Agents love Site and Subdivision bonds.  (Click to read prior message)  But don’t take our word for it.  Here’s what the International Risk Management Institute has to say about it:

“Corporate surety bonds are far and away the most preferred option for most owner/developers when you consider the potential disadvantages of the alternative guarantee forms.” (Click for entire article)

Clearly, the smart move for home builders and their bond agents is a surety bond.  And the bonding company you want is the specialist, long devoted to this market.  Unwavering since 1979.

Call FIA Surety.  It’s the smart move.

Steve Golia 856-304-7348

FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ

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

 

CE Rescue!

Steve GoliaLeave a comment

It’s May and now you’re a month closer to your insurance license renewal…  Your CE rescue is here!

FIA Surety is proud to announce we have re-opened our free Continuing Education program.  You may know, we are an accredited CE provider in NJ and PA, and can provide the free CE course on your premises.

Give us a call to set up your class.  We are now accepting dates in June.  All the proper safeguards will be used to protect the class participants.

Free CE credits from FIA Surety!  Call us: 856-304-7348

Since 1979, FIA has been your dependable bonding company for Site, Subdivision, Bid and Performance Bonds.

FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ

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

 

See Inside FIA Office

Steve GoliaLeave a comment

OK, that’s not really our office.  But we want to assure you – we’re here issuing bonds, underwriting new business and making new friends!

Be careful and safe like us (not like the picture!)  FIA wants to help with the surety bonds you need including Bid, Performance, Site and Subdivision.

FIA Surety: A bonding company serving independent agents and the construction industry since 1979.

Steve Golia 856-304-7348

FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ

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