CCI Surety, Inc is an underwriter for Contract, Commercial and Miscellaneous Surety Bonds.

Posts Tagged ‘Surety Bonds’

Larger Bonds

Written by Jim Dillenburg on . Posted in Bid Bonds, Payment Bond, Performance Bond, Surety Bonds

Larger Bonds

Contractors can be pre-qualified for larger bonds

CCI Surety focuses on helping contractors obtain larger bonds. Sometimes a contractor may be able to qualify for bonds through quick programs that limit the size of project that can be bonded. With standard markets, larger bonds often require CPA prepared financial statements in order to qualify. CCI Surety makes every effort to extend surety credit for larger bonds without requiring CPA financials.

Getting Started on Larger Bonds over $400,000
CCI Surety can start to pre-qualify contractors for larger bonds from applications and submissions that have already been filled out for other markets. If no applications have been previously filled out, you can start with the CCI Surety Application for larger bonds.
No Minimum Credit Score for Larger Bonds
Credit score is also a factor when applying for larger bonds. CCI Surety is a non-standard bond market. Although we do review credit for problems, there is not a specific minimum credit score that is required in order to qualify for most types of bonds. Contractors may still qualify for larger bonds, even if they have been declined because of a low credit score.

In addition to Bid, Performance and Pyament, and many other types of Contract Bonds, our commercial surety bond department handles a wide variety of other types of bonds.

WE MAY BE ABLE TO QUOTE COMPANIES DECLINED FOR LOW CREDIT SCORE OR OTHER FINANCIAL ISSUES.

If you have any questions about surety bonds declined for low credit score or need more information about our Bond Application, don’t hesitate to contact us.

– Jim Dillenburg [email protected] 866-317-3294

 

Bond Declined for Low Credit Score

 

 

 

Our Home Office handles Larger Bonds and other surety bond situations in Maine, Vermont, New Hampshire, Massachusetts, Connecticut, New York, Pennsylvania, New Jersey, Rhode Island, Delaware, Maryland, Virginia, West Virginia, Ohio, Kentucky, Tennessee, Arkansas, Texas, Oklahoma, Kansas, Missouri, Illinois, Indiana, Michigan, Wisconsin, Minnesota, Iowa, Nebraska, South Dakota, North Dakota, Montana, Wyoming, Colorado, New Mexico, Arizona, Utah, Idaho, Nevada, Oregon, Washington, California, Hawaii, Alaska, and Washington D.C.
Our Southeast Office handles Larger Bonds for contractors in Alabama, Florida Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee
Our Southwest Office handles Larger Bonds for contractors in Arizona, California, Nevada, New Mexico, and Utah

 

 

 

 

Bond Questions

Written by Jim Dillenburg on . Posted in Surety Bonds

Bond Quesitons

Even Bond Experts Have Bond Questions

It is impossible to be an expert on all types of bonds. There are new types of bonds required every year and the ones that already exist often change. Having a strong network to ask bond questions is a key to providing prompt service for your clients. CCI Surety handles bond questions from first time agents all the way through seasoned bond professionals.

We Ask Bond Questions

 If we don’t find an immediate answer to your bond question, we use our network to find an answer. Start by reaching out, you can talk directly to underwriters who are making decisions and answering questions on your client’s bond.

WE MAY BE ABLE TO QUOTE COMPANIES WITH CREDIT SCORE OR OTHER FINANCIAL ISSUES.

If you have any questions or need more information about our Bond Application or setting up a larger bond line, don’t hesitate to contact us –

Jim Dillenburg
[email protected]
866-317-3294

 

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Our Home Office handles quick bond questions in Maine, Vermont, New Hampshire, Massachusetts, Connecticut, New York, Pennsylvania, New Jersey, Rhode Island, Delaware, Maryland, Virginia, West Virginia, Ohio, Kentucky, Tennessee, Arkansas, Texas, Oklahoma, Kansas, Missouri, Illinois, Indiana, Michigan, Wisconsin, Minnesota, Iowa, Nebraska, South Dakota, North Dakota, Montana, Wyoming, Colorado, New Mexico, Arizona, Utah, Idaho, Nevada, Oregon, Washington, California, Hawaii, Alaska, and Washington D.C.

 

 

 

 

 

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Payment & Performance ★ Bid ★ ERISA ★ Motor Vehicle Dealer Bonds ★ BMC-84 ★ Wage & Welfare ★ License and Permit ★ Commercial ★ Contract ★ Miscellaneous

Please Note: We can always get started working on any quick bond application that you have already prepared for a larger bond line. CCI Surety, Inc. specializes in hard to place contract bonds that may have previously been declined by other sureties. We use different kinds of tools which allow us the freedom to think outside the box with our underwriting strategy. We are able to get comfortable with difficult situations using escrow / funds control, SBA Surety Bond Guarantee program and working capital deposits as different options to get the bond approved. CCI also has a very successful Easy Start Program for contracts between $250,000 and $1,000,000 that may be obtained with a two page application plus any financial documents that are available. On commercial bond business we handle both standard and non standard business. Contract Bonds – Multiple Markets – Can Provide A+ rated bonds – $3M in-house authority, up to $15M from home office – Quick Turn around – No Agency Requirements SBA Backed Bonds – 2012 National SBA Bond Producer of the Year – Potential to approve bonds even with negative working capital – SBA Bond Program now covers bonds up to $6.5M and in some cases $10M Commercial Bonds – Standard and Non-Standard Bonds – Experienced staff specialized in handling Commercial Bond needs – License and Permit, Fidelity, ERISA, Business Services and Court Bonds – Miscellaneous Bonds – We can always start with bond questions.

Bond Turnaround

Written by Jim Dillenburg on . Posted in Surety Bonds

Bond Turnaround Time

Expect Quick Bond Turnaround Time from CCI Surety

Other markets, even non-standard markets have changing appetites. Some sureties change their focus to larger projects or to preferred agents when things get busy and this can affect turnaround time. If you notice a change in the the bond turnaround time you receive from an underwriter on Bid or Performance & Payment Bonds, you have options..
1. Know what types of bonds your surety focuses on
CCI Surety Always Specializes in Non-Standard Bonds:
– Target Projects $3,000,000 and under
– Dedicated underwriters focused on projects under $250,000
– Quick turnaround for all agents
Staying focused on these types of accounts helps ensure quick bond turnaround.
2. Market changes
The bond market is currently soft. Sometimes this helps agents get quick and easy turnaround on bonds for there clients. However, when things get busy and bigger accounts show up or high volume agencies call with new accounts, other surety markets may move your account to the back of the line. CCI Surety, services all agents quickly and efficiently by have non-standard bond underwriters that appreciate turnaround time constraints.

WE MAY BE ABLE TO QUOTE COMPANIES WITH CREDIT SCORE OR OTHER FINANCIAL ISSUES

If you have any questions or need more information about our Bond Application or setting up a larger bond line, don’t hesitate to contact us –

Jim Dillenburg
[email protected]
866-317-3294

 

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Our Home Office handles quick bond turnaround situations in Maine, Vermont, New Hampshire, Massachusetts, Connecticut, New York, Pennsylvania, New Jersey, Rhode Island, Delaware, Maryland, Virginia, West Virginia, Ohio, Kentucky, Tennessee, Arkansas, Texas, Oklahoma, Kansas, Missouri, Illinois, Indiana, Michigan, Wisconsin, Minnesota, Iowa, Nebraska, South Dakota, North Dakota, Montana, Wyoming, Colorado, New Mexico, Arizona, Utah, Idaho, Nevada, Oregon, Washington, California, Hawaii, Alaska, and Washington D.C.

 

 

 

 

 

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Payment & Performance ★ Bid ★ ERISA ★ Motor Vehicle Dealer Bonds ★ BMC-84 ★ Wage & Welfare ★ License and Permit ★ Commercial ★ Contract ★ Miscellaneous

Please Note: We can always get started working on any bond application that you have already prepared for a larger bond line. CCI Surety, Inc. specializes in hard to place contract bonds that may have previously been declined by other sureties. We use different kinds of tools which allow us the freedom to think outside the box with our underwriting strategy. We are able to get comfortable with difficult situations using escrow / funds control, SBA Surety Bond Guarantee program and working capital deposits as different options to get the bond approved. CCI also has a very successful Easy Start Program for contracts between $250,000 and $1,000,000 that may be obtained with a two page application plus any financial documents that are available. On commercial bond business we handle both standard and non standard business. Contract Bonds – Multiple Markets – Can Provide A+ rated bonds – $3M in-house authority, up to $15M from home office – Quick Turn around – No Agency Requirements SBA Backed Bonds – 2012 National SBA Bond Producer of the Year – Potential to approve bonds even with negative working capital – SBA Bond Program now covers bonds up to $6.5M and in some cases $10M Commercial Bonds – Standard and Non-Standard Bonds – Experienced staff specialized in handling Commercial Bond needs – License and Permit, Fidelity, ERISA, Business Services and Court Bonds – Miscellaneous Bonds

Larger Bond Line

Written by Jim Dillenburg on . Posted in Surety Bonds

Larger Bond Line

Prepare your contractor to participate in the coming infrastructure spending boom with larger bond lines while avoiding collateral.

Many parts of the country are experiencing construction optimism both in the quantity of projects available and the size of the projects. Larger projects take up capacity for large contractors and that leaves more  projects for smaller contractors. There are steps to take for insurance agents anticipating bond needs for their contractors.
1. Prepare for Larger Projects (even without CPA Financials)
Contractors that fit easily into credit-based quick programs need to be able to obtain a larger bond line and jump to projects that exceed the low limits of these programs. A review by CCI Surety now ensures that you have a plan in place for your contractor before they consider shopping for larger bond lines.
2. Get out of Collateral Arrangements
Bond programs that require collateral can drastically limit a contractor’s ability to obtain a larger bond line when more frequent and larger projects become available. CCI Surety exhausts all options rather than taking collateral and even if we do need a form of collateral we make it available to the contractor to use for hard costs on projects.

WE MAY BE ABLE TO QUOTE COMPANIES WITH CREDIT SCORE OR OTHER FINANCIAL ISSUES.

If you have any questions or need more information about our Bond Application or setting up a larger bond line, don’t hesitate to contact us –

Jim Dillenburg
[email protected]
866-317-3294

 

map-8.28.2014v2

 

 

 

Our Home Office handles larger bond line situations in Maine, Vermont, New Hampshire, Massachusetts, Connecticut, New York, Pennsylvania, New Jersey, Rhode Island, Delaware, Maryland, Virginia, West Virginia, Ohio, Kentucky, Tennessee, Arkansas, Texas, Oklahoma, Kansas, Missouri, Illinois, Indiana, Michigan, Wisconsin, Minnesota, Iowa, Nebraska, South Dakota, North Dakota, Montana, Wyoming, Colorado, New Mexico, Arizona, Utah, Idaho, Nevada, Oregon, Washington, California, Hawaii, Alaska, and Washington D.C.

 

 

 

 

 

aff-logo2

Payment & Performance ★ Bid ★ ERISA ★ Motor Vehicle Dealer Bonds ★ BMC-84 ★ Wage & Welfare ★ License and Permit ★ Commercial ★ Contract ★ Miscellaneous

Please Note: We can always get started working on any bond application that you have already prepared for a larger bond line. CCI Surety, Inc. specializes in hard to place contract bonds that may have previously been declined by other sureties. We use different kinds of tools which allow us the freedom to think outside the box with our underwriting strategy. We are able to get comfortable with difficult situations using escrow / funds control, SBA Surety Bond Guarantee program and working capital deposits as different options to get the bond approved. CCI also has a very successful Easy Start Program for contracts between $250,000 and $1,000,000 that may be obtained with a two page application plus any financial documents that are available. On commercial bond business we handle both standard and non standard business. Contract Bonds – Multiple Markets – Can Provide A+ rated bonds – $3M in-house authority, up to $15M from home office – Quick Turn around – No Agency Requirements SBA Backed Bonds – 2012 National SBA Bond Producer of the Year – Potential to approve bonds even with negative working capital – SBA Bond Program now covers bonds up to $6.5M and in some cases $10M Commercial Bonds – Standard and Non-Standard Bonds – Experienced staff specialized in handling Commercial Bond needs – License and Permit, Fidelity, ERISA, Business Services and Court Bonds – Miscellaneous Bonds

BMC-84 Freight Broker Bonds

Written by Jim Dillenburg on . Posted in Uncategorized

BMC-84 Freight Broker Bonds

As the October 1st change to $75,000 bond requirements approach, many agents and brokers are still scrambling to find homes for their BMC-84 Bonds(formerly ICC Property or Freight Broker Bonds). At this time we are still able to get quotes out but those quotes will soon need to be evaluated after October 1st if the surety is required to backdate the bond. As of today, not all sureties are guaranteeing to backdate this particular bond so it is still best to get a quote and all paperwork finalized as soon as possible. A quote can be obtained with the one page application below.

BMC-84 Bond 1 Page Application

BMC-84 $75,000 Application

Jim Dillenburg
CCI Surety, Inc.
[email protected]
866-317-3294

All commercial bond business (including BMC-84 Bonds) are handled through the home office.

All commercial bond business (including BMC-84 Bonds) are handled through the home office.

Our Southeast Region office handles bad credit bond situations in Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, and South Carolina.

Our Home Office handles bad credit bond situations in Maine, Vermont, New Hampshire, Massachusetts, Connecticut, New York, Pennsylvania, New Jersey, Rhode Island, Delaware, Maryland, Virginia, West Virginia, Ohio, Kentucky, Tennessee, Arkansas, Texas, Oklahoma, Kansas, Missouri, Illinois, Indiana, Michigan, Wisconsin, Minnesota, Iowa, Nebraska, South Dakota, North Dakota, Montana, Wyoming, Colorado, New Mexico, Arizona, Utah, Idaho, Nevada, Oregon, Washington, California, Hawaii, Alaska, and Washington D.C.

aff-logo2

Payment & Performance ★ Bid ★ ERISA ★ Motor Vehicle Dealer Bonds ★ BMC-84 ★ Wage & Welfare ★ License and Permit ★ Commercial ★ Contract ★ Miscellaneous

Please Note: We can always get started working on submissions or applications that you have already prepared for other markets.

CCI Surety, Inc. specializes in hard to place contract bonds that may have previously been declined by other sureties. We use different kinds of tools which allow us the freedom to think outside the box with our underwriting strategy. We are able to get comfortable with difficult situations using escrow / funds control, SBA Surety Bond Guarantee program and working capital deposits as different options to get the bond approved. CCI also has a very successful Easy Start Program for contracts between $250,000 and $1,000,000 that may be obtained with a two page application plus any financial documents that are available. On commercial bond business we handle both standard and non standard business.

Contract Bonds

– Multiple Markets

– Can Provide A+ rated bonds

– $3M in-house authority, up to $15M from home office

– Quick Turn around

– No Agency Requirements

SBA Backed Bonds

– 2012 National SBA Bond Producer of the Year

– Potential to approve bonds even with negative working capital

– SBA Bond Program now covers bonds up to $6.5M and in some cases $10M

Commercial Bonds

– Standard and Non-Standard Bonds

– Experienced staff specialized in handling Commercial Bond needs

– License and Permit, Fidelity, ERISA, Business Services and Court Bonds

– Miscellaneous Bonds

New SBA Bond Guarantee Program

Written by webadmin on . Posted in Uncategorized

This February we were excited to report the increases to the new SBA Bond Guarantee Program. In March, we are even more excited to report that we are already having success utilizing the program for bonds that would have previously been too large for the SBA Bond Guarantee Program. Most recently, our Florida Office was able to get a $5.2M project in Georgia written. Our experience utilizing the current SBA Bond Guarantee Program increases your chance to successfully place your client’s bond.

Don’t hesitate to contact us if you have any accounts that don’t fit your standard markets, or if you need a second non-standard opinion. Although the SBA program is exciting we have many different tools we can utilize to get the job done.

Sincerely,
Jim Dillenburg – [email protected]

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Our Southeast Region office handles bad credit bond situations in Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, and South Carolina.

Our Home Office handles bad credit bond situations in Maine, Vermont, New Hampshire, Massachusetts, Connecticut, New York, Pennsylvania, New Jersey, Rhode Island, Delaware, Maryland, Virginia, West Virginia, Ohio, Kentucky, Tennessee, Arkansas, Texas, Oklahoma, Kansas, Missouri, Illinois, Indiana, Michigan, Wisconsin, Minnesota, Iowa, Nebraska, South Dakota, North Dakota, Montana, Wyoming, Colorado, New Mexico, Arizona, Utah, Idaho, Nevada, Oregon, Washington, California, Hawaii, Alaska, and Washington D.C.

SBA Details

Written by webadmin on . Posted in Uncategorized

All of the accounts we work on are non-standard, which means they always have at least some challenges. Even though we’ve had a long history of success utilizing the old SBA Guarantee Program limits, I was interested to see how working with larger contracts would go. Working closely with the SBA, agent, and contractor we were able to overcome all challenges. This is a deal that would not have been completed without the support of the SBA Bond Guarantee Program.
~ Andrea J. Haight
Assistant Vice President
CCI Surety of FL, Inc.

SBA Bond Program Limits Increase

Written by webadmin on . Posted in Uncategorized

SBA Increases Project Size Limit to $10M – details:

Previous Maximum
$2M per project

New Maximum Project Size

$6.5M – On any bond, subject to normal underwriting consideration outlined in the previous SBA Guidelines
$10M – Possible on any bond, subject to normal underwriting consideration outlined in the previous SBA Guidelines and performed for a Federal Government Agency

Underwriting Authority

CCI Surety will continue to use our in-house underwriting authority to approve bonds and maximize our expertise working directly with the SBA Bond Guarantee program

Small contractors have varying levels of financial reporting and the SBA allows for varying levels of reporting based on contract size.
Financial Documents Required

Required
Financial Year End (FYE) statement (prepared within 90 days)
Minimum 6-Month Interim statement

Minimum Financial Statement Requirements

Project Size FYE Interim

Up to $1.0M In-House In-House

$1.0M – $2.0M Compilation In-House
(One-time Only)**

$1.0M – $10.0M Review Compilation

*With Verification
**In-house interim financials potentially accepted once

Business Size
Allowable business sizes based on total sales and the number of employees are determined by NAICS code and vary depending on the type of business. Total sales can be as high as $33.5M in many cases.
SBA Paperwork The SBA has greatly reduced the amount of paperwork needed to utilize the program. In addition to our normal underwriting documents there are only Two 1-page SBA forms, that need to be filled out.

Negative or Insufficient Working Capital

Escrow Agreements/Funds Control + 5% Escrow Deposit The SBA recognizes the value of utilizing escrow agreements and funds control to potentially mitigate risk on projects. Utilizing an escrow agreement and funds control process in addition to a 5% deposit into the escrow account allows CCI to utilize the program even if the contractor has negative or insufficient working capital.
Additional Options Although not typically used, additional forms of collateral or other considerations such as third party indemnity can also be utilized to approve a contractor for the SBA.

SBA Bond Program Made Easy – Basic Guidelines

Written by webadmin on . Posted in Uncategorized

Project Size
Up to 2x the largest completed project ($2M maximum per individual project)

15 to 20x available working capital (for all projects)
– Lines of Credit are included as working capital
– Contractors with negative working capital may also be eligible using additional tools

Business Size
Allowable business sizes based on total sales and the number of employees are determined by NAICS code and vary depending on the type of business. Total sales can be as high as $33.5M in many cases.

SBA Paperwork The SBA has greatly reduced the amount of paperwork needed to utilize the program. In addition to our normal underwriting documents there are only Two 1-page SBA forms, that need to be filled out.

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