CONSTRUCTION CONTRACTORS: PREQUALIFY FOR SURETY BONDING TO WIN MORE BUSINESS

The construction industry has been on an upswing this year, creating new opportunities for contractors, their subs and trades to grow their business and participate in a wider range of projects. Even so, the stronger economy means there’s still robust competition for the most desirable jobs, regardless of whether they led by private sector owners or government entities. Today, many of the best construction opportunities require project participants to provide a surety bond. Whether the job requires you to obtain a bid or performance bond, or both, you stand a better chance of winning the bid if you prequalify for a bond. That’s because it can take a few days or longer to obtain a bond. And getting a head start in the process can mean the difference between winning a bid and being turned down. For example, it typically takes 1 to 2 days to obtain a bond for projects below $400,000. However, it can take several days longer to obtain bonding for projects of $400,000 to $10 million an
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LEASING FIRMS TAP SURETY CARRIERS FOR SPECIAL BONDS TO REDUCE RISK, STRENGTHEN LEASE PORTFOLIOS

Today, smart equipment lease companies are updating their term sheets by requiring lease applicants to obtain an equipment lease payment bond. This specialized surety bond provides a solution to make lease payments to the equipment leasing firm should the lessee go into default on its lease payment obligation. Stronger lease portfolios. When leasing companies accumulate more bond-backed leases, their portfolio becomes less risky. A stronger portfolio, in turn, can make it easier to shop for financing, qualify for better terms, attract investment capital, and grow. Timely opportunity. While money may be relatively inexpensive now, smart lenders are getting in on the ground floor as bonds are readily available. No-one can predict future economic cycles. However, leasing companies currently building low-risk bond-backed portfolios may be more attractive to financial underwriters and lease partners when the historically cyclical market begins to tighten. To learn more, contact Unique Sure
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Why Do You Need to Obtain an ERISA Bond for Your Organization’s Benefit Plans?

First, Let’s Cover the Basics: What is ERISA? The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most pension and health plans that are voluntarily established in the private sector.  ERISA aims to protect the individuals taking part in these plans.  One way that the government provides protection for individuals is by mandating certain fiduciary responsibilities for those who manage and control plan assets. What Fiduciary Responsibilities does ERISA mandate? ERISA requires that those persons or entities who exercise discretionary control or authority over plan management or plan assets, such as plan trustees, plan administrators, and members of a plan’s investment committee run the plan solely in the interest of participants and beneficiaries and for the exclusive purpose of providing benefits and paying plan expenses.  Fiduciaries are expected to act prudently and to diversify the plan’s investments in order to minim
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SBA SURETY BOND GUARANTEE PROGRAM UNLOCKS CONTRACTOR GROWTH OPPORTUNITIES

Public sector work offers a way for construction contractors and trades to diversify their project mix and accelerate their growth.  The challenge, however, is that these projects often come with bonding requirements – not only for GCs, but increasingly for their subs and trades as well. What’s more, obtaining the necessary bonding may not be easy, particularly due to their liquidity requirements.  Contractors, subs and trades often must have working capital of at least 5% of the job on hand plus another 10% in cash reserves or a solid credit line.  With more projects requiring GCs and their subs to have bonding this can be a major stumbling block. The Small Business Administration has a solution.  Its Surety Bond Guarantee Program gives smaller contractors and subs having difficulty with liquidity requirements an alternative to apply for bonding.  Over the years, the SBA’s Surety Bond Guarantee Program has opened the door for many small GCs and subs to bid on and participa
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Attention Florida Driving Schools: New Changes In Effect for Florida’s Third Party Administrator for Driver License Testing Bond

On January 28, 2015, the Florida Department of Highway Safety and Motor Vehicles implemented a new minimum bond amount for the Third Party Administrator for Driver License Testing Bond that many Florida Driving Schools are required to secure.  The Third Party Administrator for Driver License Testing Bond is a performance bond that is required by the Florida Department of Highway Safety and Motor Vehicles for driving schools that provide third party driver license testing services (HSMV Form 77067) for the purpose of administering Class E Knowledge exams and driving skills exams to the public.  The minimum bond amount has been changed from $50,000 to $200,000.  The change coincides with the implementation of the new ADLTS testing system. Unique Surety and Insurance Services, LLC represents several surety carriers writing TPA bonds.  In most cases, if you apply to us for a Third Party Administrator for Driver License Testing Bond, we can issue it the same day. The post Attention Flo
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Doing Signs Right: How Can Bid and Performance Bonds Be A Sign of Prosperity?

Like with any other industry, the sign manufacturing and installation field requires precise craftsmanship, tested manufacturing methods, agile deployment of technicians and installation teams, and generally, a commitment to quality.  That’s where the bond process comes in – just like with other kinds of contracts, those who are planning projects and hiring teams want to know that all of their contractors are going to turn in work on time, and according to a certain standard.  To ensure that work will be completed on time, on budget, and up to delineated specifications, the Obligee who is awarding the work contract will require performance bonds before approving work to begin.  That is why sign contractors will have to complete the complex bond application paperwork process before they can even start on a project.  The Obligee, the party with the capital invested in the project, wants peace of mind that the workers will get the job done right the first time and that it will be
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How to Safeguard a Guardianship: Why Guardian Bonds, Custodian Bonds, and Conservator Bonds Are Needed

When an individual is a minor or is designated by a court to be incapacitated with a mental illness or mental deficiency, the court’s responsibility is to look out for the best interest of that individual.  Frequently, the court does this by appointing a guardian (also called a custodian or conservator depending on the jurisdiction) to watch over the minor or incapacitated individual’s personal and financial affairs. Why Do Courts Require Guardian Bonds, Custodian Bonds, and Conservator Bonds? Typically, when the guardian is managing the estate of an incapacitated person, the court will require a surety bond to insure the faithful performance of their duties as guardian. This court bond is frequently called a guardianship bond but can also be termed as a custodian bond, custodial bond, conservator bond, estate bond, fiduciary bond, or probate bond depending upon your jurisdiction. What is a Guardian Bond? A guardian bond is a type of probate bond that assures a court that a perso
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