Small contractors and their insurance agents used to be told that they had to have certified public accountant-prepared financial statements and certain financial ratios in order to get bonding—and that is generally still true today. However, Big “I" Markets partner Goldleaf works with a number of sureties in its Short Cut Bond Program which use the personal credit scores of the company owners as their main underwriting criteria on smaller bonds.
With access to over two dozen surety markets, Goldleaf can obtain the bonding support you need. Even if one surety is unable or unwilling to entertain a particular risk, Goldleaf has other options. And because Goldleaf has access to several surety markets with similar programs, they may be able to assist your insured even if they have already been denied due to the owners' personal credit scores or the type of work being performed.
When a contractor starts out with bonding support under the Short Cut Bond Program, it is important to make sure that they are not "trapped" in these small programs. Goldleaf's staff helps companies migrate out of the Short Cut Bond Program, making sure they receive the surety counsel that is needed to help them grow and qualify for larger surety programs and better rates.
For more information on Goldleaf's Short Cut Bond Program or about helping your clients with their bond needs, log in to Big “I" Markets or email Big “I" Markets staff and an underwriter will contact you.