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If
you have any questions or require the assistance of an account
representative please call toll free at 888-904-BOND (2663).
We are here to help!
Also...remember to visit our F.A.Q.'s
page for answers to frequently asked questions. |
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Small Contractors
that produce a CPA financial statement but statement is not in standard
format.
Examples of a "non standard" financial statement a statement
prepared on a simple accrual (i.e. other than a completed contract or
percentage of completion method). Or theory is "at least these contractors
have a CPA guiding their affairs and preparing a financial statement".
Again, we hope these contractors continue to grow their "bonding
profile" to a more standard presentation. (i.e. Class III or IV).
UNDERWRITING REQUIREMENTS:
Bonding on contracts up to $300,000 is generally available for this class.
To apply we'll need:
- Contractor Questionnaire.
- Current CPA Fiscal
Year End (FYE) financial statement and prior year FYE statement.
- Internal or "in
house" financial statement if FYE is more than 6 months old.
- Work on Hand in
required format.
- Bank Line Letter
showing amount of line of credit.
- Personal financial
statement from each equity owner of the business.
- Owners resume of
experience in trade or line of work.
BOND LINES:
Per bond limits up to $300,000 or more. Work program limits will generally
be capped between $750,000 and $1,000,000 (work program is all work on
hand bonded or unbonded). This may not be available to all accounts in
this class. Requests will be on a case by case basis.
RATES:
Rates for this class of business will generally be 2.5% of contract amount.
Back to "How We Evaluate A Contractor
Account"
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