SURETY BONDS

Contract Surety

Contract surety coverage is available for General Contractors, Subcontractors, Manufacturers and Developers.  We only work with underwriters who have proven ability and quality of service.

We focus on small to middle market contract accounts in order to maximize our expertise and relationships. Risk mitigation tools can be used to accomplish the issuance of tougher obligations and to mitigate risk for all parties. Risk mitigation tools include pre award bid evaluations & project reviews, consistent project monitoring, funds disbursement administration, and collateral when appropriate.

 Bid, performance and payment obligations available for:
•    Small to Mid-size GC’s/CM’s
•    Subcontractors
•    Environmental Contractors
•    One-shot deals 
•    Supply Bonds
•    Bus Contractors
•    Garbage / Waste Haulers
•    Solar (Tax Credit Financed)
•    Low Income Housing Tax Credit Performance & Payment Bonds

Commercial Surety

All types of commercial surety bonds and obligations including; Supply Bonds, License and Permit Bonds, Court Bonds, Subdivision Bonds and Financial Guaranty Bonds.

Our underwriters handle tougher commercial risks and leveraged buy‐ outs. Our underwriters have the knowledge base and experience risk mitigation tools can be used to accomplish the issuance of tougher obligations and to lower the risk for all parties involved. Risk mitigation tools are available include creative underwriting, consistent monitoring of the account and bond risk, funds disbursement administration, and collateral when appropriate.
 
•    License & Permit Bonds
•    Financial Guarantee Bonds – all types
•    Court Bonds – with a particular emphasis on Appeal Bonds
•    Utility Bonds
•    Union Wage & Welfare Bonds
•    Reclamation / Closure & Post Closure
•    Bonds requiring large amounts of collateral 

 

Developer Surety

Low Income Housing Tax Credit (LIHTC) and Private Development of Low/Affordable Housing Projects

 As part of the financing package on many private low/affordable income housing developments, one or more of the owners or lenders may require a performance and payment bond be posted by the contractor and/or developer. Oftentimes, when the developer and contractor are owned by similar parties, it can create underwriting issues for the surety. The bond often acts as the lender’s collateral while the project is being built. It guarantees completion of the finished building.

Subdivision/Completion Bonds

Developers are often required to post subdivision bonds to a municipality in order to guarantee the installation of improvements that will ultimately be dedicated for public use. Subdivision bonds are different from normal construction performance bonds in that most of these obligations are self‐funded. The knowledge of developers, financing, real estate and construction is required. We have specialized underwriters for this class of business for the following:


•    Site Improvement Bonds
•    Subdivision Bonds
•    Completion Bonds
•    Escrow Deposit Bonds
•    Bonds for Developers and Contractors on Low Income Housing Tax Credit Projects
•    Pre-award Project Evaluations and Bid Reviews by our Engineering and Construction Experts
•    Project Monitoring Services
•    Funds Disbursement Administration of Contract Proceeds
•    Collateral Management

Flexible Forms of Collateral:

Cash, Letters of Credit, Real Estate, Assignment of Marketable Securities/brokerage accounts, Assignment of Bank Accounts/CD’s, Blocked Account Agreements, Assignment of CSVLI

We can service clients with average single size bonds of $1,000,000 to $25,000,000 and aggregate programs up to $100,000,000. The Surety Companies we work with are all rated “Excellent” (or better) by A.M. Best Company and are “T-Listed”. We have the expertise that is needed to address the complex underwriting issues that can exist in these arrangements.
    LET'S TALK: 631.647.9210 ext. 310 

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