FIA surety

SURETY: Free CE Heavyweights

Steve GoliaLeave a comment

Powerful!! Awesome! These are serious heavyweights.

Here are two more, a winning pair of FREE CE webinars, heavyweights that will boost your surety career. Last chance to register for these upcoming events:

  • May 1, 2024, Wednesday “Understanding Financial Statements”
  • June 3, 2024, Monday “Advanced Financial Statement Analysis”

These accredited CE courses are Zoom webinars you can attend from home or office. Our webinars are wildly popular, free and there are no exams. 3 credits each.

Don’t miss these heavyweights. You’ll learn a lot and have some fun too!

Click for more info.

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

FIA Surety: A Carrier Providing A Rated, T-listed bonds in all states!

“I Love Continuing Education!!”

Steve GoliaLeave a comment

Was your last CE class a bore, torture that you PAID FOR?!! Here are actual comments from the recent FIA Surety Free CE Zoom webinar.

  • love the class…will look forward to next months class
  • Great as always!! Loved it Steve. Thank you.
  • THANK YOU SO MUCH
  • Great Course! Delivery/explanation of topics were well explained and easy to follow.
  • Love the course as always Steve!
  • love your webinars, Steve
  • Steve, great job. See you in May & June
  • Thanks very much, I am scheduled for a another class soon. Looking forward to it
  • Love it! Always learn something new in your class!
  • Course was great. I will join future classes for sure.
  • love these courses, Steve! always so informative and helpful! thank you!
  • Great Job Steve. keep them coming.
  • Loved it as usual!
  • Loved the course – always helpful and learning new things. Thank you Steve!
  • I loved the course and learned a lot!!

Feel the Love?!!

Join us for the next FIA Surety Zoom webinar. 3 credits, no exam. “Understanding Financial Statements” Click for more info.

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!

SURETY: A Question for the Ages

Steve GoliaLeave a comment

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: Solve This Challenge!

Steve GoliaLeave a comment

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?

Steve GoliaLeave a comment

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: Jelly of the Month Club?

Steve GoliaLeave a comment

The Gift That Keeps Giving!

OK, the Jelly of the Month Club is AWESOME, but that’s not what we’re talking about…

A few of the actual comments from our 12/1/22 FIA SURETY “Free CE” Zoom webinar on Commercial and Miscellaneous Bonds:

  • As always, very informative. Thanks.
  • Great course!
  • Very informative
  • Interesting Course
  • Very good course! Thank you Steve
  • Thanks Steve, very informative!
  • Very helpful, thank you Steve!
  • Thank you Steve. I liked your course. Lots of info!
  • Great overview of Commercial Surety. Thanks Steve
  • Always learn something in your classes!
  • You’re very knowledgeable. Thanks!
  • You were very informative and patient. Thank you for the class.
  • Enjoyed the course, very informable.
  • As someone new to Surety this was very informative. Thank you
  • Very informative! Great course and great job.
  • THANK YOU!!
  • Appreciate the detailed information in your courses, Steve – Thank you!

Our Free CE courses are not only the best / free place to learn about surety, they are also CONVENIENT (attend from home or office) and this gift keeps giving! The course info is all practical stuff you can use, boost your career, serve your clients better (maybe even make MORE MONEY!)

Face it, this is way better than jelly!

To date we have provided more than 2,000 hours of Free CE education worth over $25,000 in the regular market. AND we just rolled out our schedule for the first quarter of 2023. More great stuff you can use: Click for info!

Find out what you’re missing. Join us.

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!

PPP: What You Need to Know – Right Now.

Steve GoliaLeave a comment

Here is strategic information you need right now.

Receiving that PPP loan was great! But now you face significant accounting questions if your fiscal year-end is 12/31. You need to determine the proper way to account for this transaction on your company financial statement. This has big implications for your relationship with your bonding company (Subdivision, Bid and Performance Bonds,) and your bank credit line.

You may have applied for loan forgiveness, and you may have received it from the bank and SBA. Let’s find your exact situation, and how to proceed. Which of the following is your case? In this discussion, we are assuming the company fiscal year-end (FYE) is 12/31.

  1. Forgiveness application has been submitted and approved by the bank and SBA prior to the 12/31 FYE. The loan is wiped off the balance sheet and the funds are recorded as *INCOME. Hooray! There is no remaining debt.
  2. Application submitted, and it looks OK, but forgiveness has not yet been approved. From an accounting standpoint, this is somewhat vague.
    • Treat it as Debt. This may be the safest, most conservative accounting approach. It was, and still is, a Debt on the balance sheet. It’s not income.
    • Record it as a Gain Contingency. This is similar to the Debt approach but instead, the loan is classified as a “deferred income” liability on the balance sheet. When the loan is forgiven, it comes off the balance sheet and becomes income.
    • Record it as a Government Grant. For this treatment, there must be a high likelihood of forgiveness by the bank and SBA. Under this treatment the debt disappears and is recorded as “other income.” This is a much more aggressive approach.

*Reminder: “Forgiven” PPP loan proceeds are not taxable income!

Sound complicated? It is. You need the advice of your accounting professional to handle this properly. Its worth it to have a good one.

Same thing with your bonding company. A good one is capable, responsive and stable. For over 40 years, FIA Surety has been a dependable provider of Site, Subdivision, Bid and Performance bonds. Try us! We want to write the business.

First Indemnity of America Insurance Company
2740 Rt. 10 West, Suite 205
Morris Plains, NJ 07950Office: 973-541-3417
Visit us: www.fiagroup.com
Cell: 856-304-7348 We are currently licensed in: NJ, PA, DE, MD, VA, NC, SC, WV, TN,  FL, GA, AL, OK, TX

Surety Bonds: “Baby Underwriters”

Steve GoliaLeave a comment

OK they’re cute, I get it. Click for ambient sounds.

And I understand why Bonding Companies have them. They are cheap and plentiful. But that doesn’t mean YOU have to like dealing with a “Baby Underwriter.”

When you need to get a bond written, you don’t want to train the underwriter. You don’t want to deal with a person who can’t give you answers or approvals. Underwriters are supposed to help you get the deal done – efficiently.

That’s where FIA Surety comes in. Each of our underwriters has at least 20 years in the business, and that’s great news for you! We really know surety and how to get things done, and yes, we’re pretty cute too! Call us with your next bond.

First Indemnity of America Insurance Company
2740 Rt. 10 West, Suite 205
Morris Plains, NJ 07950
Office: 973-541-3417
Visit us: www.fiagroup.com
We are currently licensed in: NJ, PA, DE, MD, VA, NC, SC, WV, TN,  FL, GA, AL, OK, TX

Last Call for 6/2/21 Free CE

Steve GoliaLeave a comment

It’s not too late to get in on our Free CE webinar on 6/2/21 “Surety Bonds 101!” Register or watch one minute video about our accredited CE school.

Brought to you by your best surety for 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

Visit us: www.fiagroup.com

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

171. HOW TO Replace an ILOC with a Subdivision Bond

Steve GoliaLeave a comment

 

The Land Developer’s money is tied up because an ILOC* was used to secure the township instead of a Subdivision Bond. It’s not too late to fix this critical error! (Why an error?)

Here’s how to do it:

  1. Have your insurance agent contact us or the land developer can call us directly to start the process.
  2. We’ll get to know you and find out about the project.
  3. We approve the bond, and normally no collateral (security deposit) is required!
  4. Contact the planning board and request permission to replace the ILOC with a Subdivision Bond.
  5. We issue the bond. The developer’s ILOC, and the funds that back it are released!!

It’s just that simple…

Let’s go! Call FIA Surety: 973-541-3417

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

*Irrevocable Letter of Credit issued by bank