Small Contractors / Newly formed Contractors. Any contractor that does not have a CPA prepared financial statement.

We are looking for contractors that will grow into more standard bond accounts. We help agents develop small contractors into solid P & C accounts. Experience in area of expertise, including training, prior employment or self employed is a major underwriting criteria.

UNDERWRITING REQUIREMENTS:

For bonding on contracts up to $100,000 in this category we'll require the simple "Fast Track" application. Click here to download and print our "Fast Track" application.

For Bonding on Contracts above $100,000. We'll need the above plus:

• Contractor Questionnaire.
• Personal financial statement from each equity owner of the business.
• Evidence of personal cash deposits and investments. (Copies of bank statements, etc.)
• Owners resume of experience in trade or line of work.
• Most recent business Tax Return.
• Internal or "in house" financial statement, if any.
• Bank Line Letter showing amount of line of credit.
  

BOND LINES:
Bonding will be considered within the above limits per contract (or per bond), on a "case by case basis".

RATES:
Rates for this class will be between 2.5% and 3.0% of the contract amount.

Back to "How We Evaluate A Contractor Account"