performance and payment bond

SURETY: Free CE Heavyweights

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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!

SURETY: 4/11/24 Today’s Tidbit

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Most surety companies will not accept financial statements that are prepared on a Cash Basis, as it is not an accurate reflection of the company’s assets and liabilities (accounts receivable and accounts payable accounts).

Brought to you by your best carrier for Contract, Site and Subdivision Bonds:

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

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

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: 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!

171. HOW TO Replace an ILOC with a Subdivision Bond

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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

 

 

Increased Production

Steve GoliaLeave a comment

Ever wonder why a surety bond underwriter asks you for new business?

  • Is it because they are nosy and want to gauge your agency strength?
  • Does the surety has a loss ratio problem?
  • Has poor customer service caused the underwriter to fall short of goals?
  • Or maybe the underwriter has a sincere interest in deepening your relationship for mutual benefit.

FIA has been writing Site/Subdivision, Bid and Performance Bonds for over 40 years.  We are “A” Rated and having an excellent 2020!

“Can we help you with any new business?”

Call: 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

169. Changing Horses: Site & Subdivision Bonds

Steve GoliaLeave a comment

Abe Lincoln said it.  And it’s mostly true.  But here is one time when it really does make sense to “Change Horses In Mid-Stream!”

When Developers and Home Builders start a new project, they give security to the city or township guaranteeing the construction of public improvements (streets, curbs, lights, water, sewer, etc.) The security may be in the form of cash, a bank issued irrevocable letter of credit (ILOC), or a surety bond.

They’re all the same to the township, but there are huge differences for the contractor. The most obvious is the loss of use of their funds. How long will the money be tied up? It can take much longer than expected to get these obligations released (the township is in no hurry!)

If a dispute arises and cash or an ILOC was used, the township just takes the contractor’s money.  It’s all over.  With a surety bond, there is a discovery process through the claims department.  The contractor has input and may affect the outcome.

So, back to the horses.  For clients that have already posted cash or an ILOC, they can swap it out with a surety bond!  Get their money back. Gain more control. Protect company assets.  Put the cash to good use!

How to start? Call FIA Surety.  Since 1979, we have been a steady provider of site and subdivision bonds.  We do little $20,000 site bonds for commercial property owners and have written multi-multi million dollar subdivision projects.  Come to the experts to swap in a surety bond, or to write a new project. We get them done!

Read expert analysis: Why Surety Bonds are the way to go here.

Call FIA Surety: 973-541-3417

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

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

Free CE from Palomar Surety

Steve Golia14 Comments
State-approved • Live Zoom • 3 CE credits • No exam

Free, State-Approved CE Webinars for Insurance Agents

A Free Service of FIA Surety, a Palomar Company!

Register once — attend all upcoming classes. Credits reported to your state. No software purchase required.

See Upcoming Classes
Credits3 General/Ethics (varies by state). Once per license cycle per course.
FormatLive webinar via Zoom. Mobile/desktop friendly. Attendance checks built-in.
CostAlways free for licensed agents and CSRs. No exam required.
Register onceUse one form to access every upcoming session.

Approved States

Important Notice – CE Eligibility
Attendees are responsible for informing themselves of their own state insurance department requirements as they relate to eligibility for continuing education (CE) credits.
AlabamaApproved
ArizonaApproved
CaliforniaApproved
Affidavit Required
DelawareApproved
Florida Special rule
Affidavit Required
See details
You cannot repeat the same course and receive credit if it has been taken within two years of the original completion date — meaning within the same biennial renewal cycle.
GeorgiaApproved
Louisiana Approved
MarylandApproved
MassachusettsApproved
MississippiApproved
New JerseyApproved
New YorkApproved
North CarolinaApproved
OhioApproved
OregonApproved
PennsylvaniaApproved
South Carolina Special rule
Affidavit Required
See details
A continuing education course may be repeated; however, credit may not be given more than once for the same course during a biennial compliance period.
TennesseeApproved
TexasApproved
Virginia Special rule
See details
No more than 75 percent of required credits may come from courses provided or given by insurance agencies or insurance companies. This includes all insurance companies or agencies, not just companies or agencies with which one is associated.
West VirginiaApproved
South DakotaApproved
Questions? Contact Steve Golia, Director (856) 304-7348 — sgolia@plmr.com

Upcoming Classes

Understanding Site and Subdivision Bonds

— Online — 3 CE credits

They’re the same, but they’re different. You’ll understand after this webinar! (CA course #392308)

Register

WIP Schedules (Work In Process) Own them!

— Online — 3 CE credits

These are essential when handling contract surety business. No more mystery or confusion!! (CA course #392307)

Register

General Indemnity Agreements – Be An Expert!

— Online — 3 CE credits

Learn the power of these amazing documents, how to overcome client objections, even how to AVOID personal indemnity! (CA course #392310)

Register
Webinar List
  • Work In Process (WIP) Schedules – Own Them! — California course #392307
  • General Indemnity Agreements – Be An Expert! — California course #392310
  • Ethical Foundations in Insurance Not accredited in CA or FL
  • Surety Bond Fundamentals — California course #393359
  • Advanced Surety Bonding Solutions — California course #392315
  • Understanding Financial Statements — California course #392309
  • Advanced Financial Statement Analysis — California course #392316
  • All About Performance and Payment Bonds — California course #392314
  • Commercial and Miscellaneous Bonds — California course #392311
  • Understanding Site and Subdivision Bonds — California course #392308

Frequently Asked Questions

Is this really free? Do I have to buy anything?

Yes. Classes are free for licensed agents/CSRs. No exam or software purchase is required.

How many credits do I earn?

Typically 3 CE credits per course. Some states have additional limits or paperwork. Check the state list.

Do I need to register for each class?

No. Register once to unlock all upcoming sessions. You’ll receive reminders and join links by email.

How are credits reported?

We submit rosters to your state within the required window after the webinar. Please register using your legal name, NPN, and license number.

REGISTRATION FORM – Click “SUBMIT” at the end. Register ONCE for all future webinars.

All agency employees are welcome to attend our webinars. If you are not attending for CE credits, enter “N/A” for the license info.

MANDATORY: We are required to verify your identity. Take a “selfie” showing your face and holding a government issued photo ID, such as a driver’s license. We only need to collect this once. Send to “sgolia@plmr.com” (School Director)

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Beautiful!!