What you can do before you apply for a Surety Bond

All successful construction companies have a great relationship with their surety bond producer.  This relationship helps the contractor bid on any construction job which needs a surety bond. But waiting on a surety bond approval may prove to be frustrating.

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Below, we have outlined things you can do to help speed along the process:

Information about your key employees. This may include an organization chart of their responsibilities and detailed resumes.

A business plan, this should include the type and size of work wanted, prospects for the work, your company’s geographic home base and growth and profit objectives.

Submit current WIP (work in progress) schedule, examples of the largest and most impressive jobs completed to date.  It is helpful to include the owner’s names and address, the contract price, date of completion and the profit earned.

A Line of Credit, to show a Plan B in case of delayed funding.

Letters of Recommendation, especially from subcontractors, owners, architects and engineers who have worked and completed jobs with you.

Providing this information to the surety bond producer will help approval of your surety bond progress smoothly and quickly.

We here, at GotSuretyBonds.com are an independent bond-only agency, committed to the principles of service, integrity and professionalism. We view our clients, employees and underwriters as our “business family”. We strive to offer each and every one of them unsurpassed attention and support to ensure a mutually beneficial relationship.  We have a keen understanding that success for everyone is only possible through helping all of our constituents achieve their goals and objectives, we believe that a truly satisfied customer, employee or vendor is the best business strategy of all.  Our surety bonding services help create a blueprint for success. Our principals have relationships nationwide and have earned the trust of underwriters. Because of our credibility within the underwriting community and longevity in the industry, we are able to act as powerful advocates for our clients. We have a unique, tactical process to professionally design and present a thorough financial picture with risk and financial analyses to the surety market.

 

 



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