Surety is unsecured credit that guarantees the contract you are signing. Unlike insurance companies, bonding companies do not forecast losses and keep a reserve of money sitting somewhere for paying claims. Instead, it’s a partnership between you (the Principal), the bonding company, and the owner, GC, etc. (the Obligee).
That’s why surety agents ask you for different information than you may be used to if this is your first bond. To make it easy on you, Contractor Surety Group has designed several methods of establishing you as a bonded contractor.
For jobs over $500,000 and large surety programs, we will need some additional financial information. Please email firstname.lastname@example.org with a brief description of your need and we’ll get back to you immediately.
Once we get you set up, Contractor Surety Group will establish an agency line of authority for your company. This streamlines the process and gets your bonds to you faster, so you can concentrate on making money.
Whether this is your first bond or you’ve been bonded for years, Contractor Surety Group is eager to assist. Rely on us to make the process as pain free as possible so you can concentrate on running your business.
We’re often engaged through an Agency of Record Letter, where you change representatives with the surety company from your current agent to us. This enables you to remain with your current surety. Since Contractor Surety Group is appointed with all major sureties, this transaction is quite easy. Or, if you prefer us to move you from your current surety, we can quickly do that as well.
Because surety is essentially unsecured credit, and every word in your contract is guaranteed for a small percentage of the contract cost, surety companies need information to properly underwrite the file. It includes:
- 2 – 3 years of financial information of your company
- Surety Questionnaire
- Personal Financial Statements
- Potential additional info once above is received