Post by – Joe Allen –
Have you received a declination and don’t know where to go?
Are you wondering how we can help your contractor?
Below are real bond needs and how CCI’s Florida team helped:
✯ $4.6M P&P bond approved with 30% collateral: In-house financials with negative Working Capital and Equity, but they did a large amount of revenue and made money. They had a lot of intercompany receivables, so obtained cross corporate indemnity of all affiliates.
✯ $1.4M and $1.6M P&P bonds approved with Funds Control only: Year-End CPA Review showed only $95k Working Capital and a small net loss and they had a $10M backlog. The work was manufacture and supply so our Surety took that into consideration when reviewing their backlog in order to approve.
✯ $9M bid bond approved with indemnity only; previous Surety limit was $5M.
The CCI Surety Southeast Team
Brad Quiri Amanda Quigley Matt Clark