Get Started

We can get started with as little as a phone call. A phone call can provide enough information for us to formulate a plan on our end, and set expectations on yours.

It is important to understand your business, your needs and your resources to put a plan in place to write that first bond. Many bonds require very little information, however, contractors, developers, and those wishing to establish a bonding relationship may need to provide a little more. To that end, we will first ask for the following:

  • Questionnaire
  • Business Financials
  • Personal Financial
  • Bond Information

As with many things, answers to questions often spark additional questions to those answers. This is entirely dependent on the information received, and is specific to each individual case.

The Underwriting Process

The underwriting process for bonds is similar to that of a line of credit with a bank or a home loan. In addition to your business and capabilities, a surety bond underwriter will want to understand your financial position and verify your assets such as cash and securities. This is usually provided for with bank statements, tax returns, and other verifying documents.

The underwriting process can be expedited to within a matter of 24 hours or less, but averages out to a few days. This is usually dependent on the availability and accessibility of underwriting information, and the availability of key people.

Upon receipt of the underwriting information, and receipt of favorable terms from the surety, it is usually necessary to execute a General Indemnity Agreement (GIA). The GIA is legal agreement that binds the principal and indemnitors (those seeking the bonds) to the surety, and agrees to make the surety whole, or pay back any losses that the surety may suffer, either through loss on a bond, legal fees associated with a loss, or non-payment of premium for the bonds. This is similar to what a bank requires for a loan or line of credit, and should be reviewed carefully before signing. The bonds can be released once the GIA is place and any other terms are met.