Bonding Success Stories Expanded Surety & Profitability Market Availability Pays Off Creative Surety Solution Delivers Surety Capacity Negotiation

Surety Capacity Negotiation In 2009, a contractor came to Business Insurance Associates, Inc. with an established surety program placed with another broker. They were unhappy that their surety was only extending single surety requests at $ 400,000 and under, with no aggregate program. The situation created a chaotic atmosphere when multiple projects they wanted to bid occured on back to back to back days, scrambling to secure the surety capacity while not really understanding where they were with their program or where the surety stood. Business Insurance Associates, Inc. sat down and conducted an internal review of operations, business plans, and financial systems and controls. Over the next ten days, we put together a 196-page surety submission on the contractor and their operations, and began actively marketing it to several surety companies, including the surety they were currently with. The contractors current surety noted that our submission included many documents not submitted by their prior broker, confirming the quality of the submissions BIA puts together in representing our clientele. Over the first thirty days, our surety account executive at Business Insurance Associates, inc. facilitated a meeting between the contractor and surety representative, prepared financial reports and analysis, accurately described their work in progress and backlog, submitted several additional documents requested by the surety, and ultimately negotiated an aggregate surety program with twice as much per project surety capacity as four weeks prior.