It’s the time of year when surety companies are anxiously awaiting year-end financial results & updated underwriting. In some instances, this can create a conservative approach from your contractor’s surety.
Questions that will impact your relationship with your contractor.
- How will the year-end financial impact your client's bond program?
- Is a Compilation enough?
- Should your client spend the extra money for a CPA review?
- What options are available if the CPA financial is delayed?
Take control of this this tense time of year and get out in front of the situation. Discuss options with your client and develop a back-up plan with Allstar Surety.
Recipe for a back up plan, it's simple just follow the steps below:
- Provide a narrative of your client’s history, your relationship and their surety needs.
- Contractor’s Questionnaire
- Year-end business financials for the past 2-3 years
- Latest Business Tax Return
- Interim Financial Statement
- Personal Financial Statements
- Work On Hand Report
- Certificate of Insurance
- Bank Letter
- Provide timely and thorough underwriting updates
Send your local Allstar Surety underwriter the information above and they will reach out to you with helpful suggestions and information regarding a plan for your client's bond capacity.
Allstar has the knowledge, experience and tools to help get your client where they need to be. Quick turnaround and total transparency will give you and your client peace-of-mind for this construction season and the future. Give Allstar a call today and get the service you and your client deserve.