Posted by: jmwilsonmga | August 28, 2012

Value of a Complete Submission : Bonds / Surety

With this blog post, we begin a series of the value of a complete submission for all of our underwriting departments – starting with bonds!

By submitting a complete application, you are helping us to respond to your needs (and your insureds) even faster.  This can help you win more business.  Additionally, some markets will only quote the first complete submission.

A complete submission makes it easier for everyone!  It helps your insured by eliminating the need for them to complete additional information after the initial application, you by allowing us to get your quote to you faster and with less of your time maintaining the account, and us by allowing us to quickly contact our companies for a quote.

Separated by type of Bond, below is a breakdown of the information that would classify as a “Complete Submission”.  We want the opportunity to write your business, so please send us whatever information you may have.

 Commercial & Miscellaneous

  •  Type of bond & limit requested –Provide a bond form and/or applicable statutes
  • Completed application – We can use other companies applications for quoting
  • Credit information on all owners and spouses –Names, Addresses, and Social Security Numbers
  • Financial information on the business and owners for financial guarantee bonds, other onerous bonds and high bond limits (generally > $25,000).
  • Is the current surety offering renewal or is this being non-renewed?

 Fidelity & Commercial Crime

  • Description of operations –Fully describe the nature of the applicant’s business.
  • What type of coverage is being requested?  (For example: Employee dishonesty, 3rd party fidelity)
  • Is coverage required by a 3rd party?  Please provide documentation of the bonding requirements, such as a contract.
  • How are the limits determined?
  • Is the current carrier offering renewal or is this being non-renewed?

 Court & Probate

  • Completed application
  • Court documents regarding the case and setting bond

Public Official

  • Completed application –including the name and address of the City/ County/ State benefiting from the bond.
  • Schedule of the individual names/ positions, and limits being bonded.
  • Are the individuals elected or appointed to their position?
  • Credit information on individuals bonded over $10,000 – Name, Address, and Social Security Number.

 Completed HCC Surety Quick N EZ application, including the following: 

  • Business information
  • Personal information – Required for all owners & spouses.
  • Personal financial information for all owners.
  • Bond request form completed – accompanied by a copy of the contract or award letter for final bonds

 Full Submission 

  • Contractor’s Surety Questionnaire
  • Last 2-3 fiscal year end business financial statements
  • Personal financial statements on all owners
  • Current schedule of work on hand
  • Current bank reference letter, indicating bank account & line of credit balances
  • Resumes of owners
  • Job reference letters
  • Current certificate of insurance
  • Bond request form –Accompanied by a copy of the contract or award letter & bid results for final bonds

 SBA Bond Guarantee Program 

  • Information required for a “Full Submission”
  • SBA Form 912
  • SBA Form 994

Want to learn more?  Questions about applications or forms?  Contact our Surety Department : (800) 538-4796 or surety@jmwilson.com.

Stay tuned for our next installment of “Value of a Complete Submission”!

Disclaimer :  This article is for informational purposes only.  There is no legal advice being suggested or proffered.  The author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.  This article is the opinion of the author and is not supported or endorsed by J.M. Wilson.  It should not be relied upon and may contain inaccuracies or content may have changed over time, contact your underwriter for the most current and accurate information.  Any comments or responses are the opinions of their authors.  Content on this site is believed to be covered under Fair Use. LegalCopyright 2012 J.M. Wilson Corporation

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