Surety1 is happy to announce a new surety bond program for small and emerging contractors. Over the last few years, several underwriting companies have launched various “short form” program. These programs all have one thing in common, they require a short form application and if the credit meets the criteria, they approve the bond at a 3% rate. What if, in addition to the application the contractor can provide a simple financial statement? What if the contractor has significant, verifiable personal assets? What if the bond is of a higher amount than the “short form” program allows?
At Surety1, we have worked with the underwriting companies to develop the most flexible small contractor program available. Contractors that can give us a little information can qualify for bigger bonds and at significantly lower rates. Conversely, if the credit is less than stellar, often times by obtaining a little more information, Surety1 can still turn that no into a yes and get the contractor the bond it needs.
With “in house” underwriting authority, and the experience to pre-qualify accounts, Surety1 can also get the contractors performance bonds approved in hours, versus days for most bond agencies. While many agents have access to the standard short form programs, Surety1 adds a level of expertise most of our competitors lack. This translates into a much flexible approach when placing performance bonds both for construction contractors as well as bonding service providers.