The process of helping our clients with their surety bond needs doesn’t always look the same. The level of support and involvement that our underwriting team provides is dependent on each account’s needs and what is required to get the bond written. In the success story below, we share a recent situation where one of our underwriters had to increase their involvement to help get a bond written. Check out the story below –
Our Vice President, Brenda Risa, received a new bond request from an agent that had never worked with our team before. This agent had a client that had had not needed bonding in the past but was now being asked to provide a final bond that totaled just over $1MM. Upon Brenda’s initial review of the underwriting information, she noticed a lot of negative numbers on their in-house financial statements. Unfortunately, the financials were in such a tough position that she did not feel that she would have a market that would consider, or they would only write it with a requirement of collateral and funds control. Even though the financial picture of the company did not look positive, Brenda did not stop there.
Brenda reached out to the account as the numbers that she was seeing on the in-house financial statement did not make total sense to her. She questioned where these numbers were coming from and even offered to speak directly with their CPA to better understand what was going on. The account was incredibly appreciative that Brenda was willing to work directly with their CPA to better identify where the issues were stemming from. During their first call, the CPA understood immediately what the problems were and was able to make the necessary adjustments to help fix the problems on the in-house financial statements. These simple but necessary changes altered the financial picture of the company dramatically. Most importantly, this took the negative equity of the company to a positive. With the new financial picture of the company, Brenda was able to get this client’s bond approved through a standard market with a sliding scale rate of $20/$15.
As you can see from the success story above, getting this bond written required a higher level of involvement from our team. It is this level of support that our team is consistently willing to provide when needed. If your agency needs more support in the bond department, give Goldleaf a call. We are here and ready to assist with your bond needs.
