Submission of proper information will help speed up your contract bond needs.
This list is for more established contractors looking to set up a standard bonding program. If you are a smaller or newer contractor, our Fastbond product could be a good start for you.
Following are basic lists of important documents you will need to submit to your independent agent.
Contractor's history form
Prior three years fiscal financial statements for the business
Concurrently dated personal financial statements of the owner(s)
Accounts receivable and accounts payable list for the latest fiscal financial statement (if the statement is not audited)
Detail of liability insurance carried by the contractor
Cover letter and/or narrative on the contractor's history, needs, goals, etc.
Bank letter showing line of credit, experience, average balances, etc.
Each year, in a timely manner, send in the new fiscal financial statement of the contractor and a new personal financial statement of the owner(s)
A new bank letter of credit
Advise of any changes in the contractor's operations, plans for the coming year, anticipated bids, etc.
Bid amount and engineer's estimate
Bid date
Project description
Obligee
Start date
Completion date
Penalty for late completion
Current work on hand (bonded and unbonded)
Any extraordinary items
Verification of funding (if a private contract)
Payment terms
Percentage subbed
Other bids (if request is for a final bid)
Copy of the contract (if request is for a final bid)
I would like to express my appreciation to the Old Republic Surety team. They have demonstrated a willingness to work through underwriting difficulties, and serve as a reminder that an open mind can overcome many challenges. I appreciate their professionalism, as well as the fact they put our clients at ease. I highly recommend Old Republic Surety Company.
David HuttoOwner Bonds Unlimited / Birmingham, AL
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