Surety Bonds
W.E. Davis Insurance Agency provides Surety Bonds through our many fine Bond Carriers. Surety Bonding is not like insurance. Creating a bond line is very much like working with your banker.
For bids under $500,000 we have a simplified process that works off of the owner’s credit. The application is simple and approval can be made in 24 hours.
Items Typically Needed For a Bond Submissions of over $500,000
- Last 3 fiscal year-end CPA prepared financial statements including schedules of completed and uncompleted contracts
- Aging of accounts receivable as of the most recent fiscal year-end
- Most recent interim financial statement including schedules of completed and uncompleted contracts
- Aged schedule of accounts receivable concurrently dated with interim financial statement
- Most recent tax return for the business
- Financial statements for all affiliated companies. If financial statements are not prepared, provide latest tax returns
- Personal financial statements for all owners
- Contractor’s questionnaire. A recently (last 3 years) completed questionnaire on any surety’s form is acceptable.
- If a recent form is not available, use DLK form. Form is available as fill in Word document
- Letter from bank indicating amount, security and expiration date of line of credit. Copy of promissory note and security agreement is also sufficient
- Resumes of key owners and employees
- Copy of corporate buy/sell agreement including details of life insurance on key individuals
- Copy of your written business plan (if available)
- Any reference letters and/or company brochures or literature that you feel will help present your company in the best light possible
Comments
Not found any comments yet.