This post is part of a series sponsored by Old Republic Surety.
“We’ve been looking to reduce the time it takes from submission to approval using Old Republic Surety’s (ORS) FastBond process. The faster the better,” said Todd, AFSB’s CPCU. Taylor said.
As an ORS fixed income manager, Taylor has seen the positive impact of FastBond, which has been available for over 10 years. “We have been able to simplify the endorsement process for agents by offering up to $1 million in limits based solely on credit,” he says. “There is no need for additional financial information or a CPA, which saves a lot of time and effort. Within the FastBond program, Old Republic Surety offers Consider imposing a penalty of up to $250,000. By adding underwriting information, you can consider higher limits.”
What if a client asks for more? Taylor uses FastBond to add current business and personal financial statements to the application, allowing them to collect up to 2 million yen individually or in total. It explains that you can secure dollars. There is still no need for a CPA to be involved.
Taylor also notes that FastBond activity has increased recently. “We have a history of creating accounts using common-sense underwriting practices, and Old Republic Surety has a history of creating accounts that utilize common sense underwriting practices, and Old Republic Surety has a history of creating accounts that are small or simply have little or very rare fixed income needs. We are proud to partner with agents who create accounts. These types of accounts are extremely beneficial to many agents who may not qualify as our contracting party. represents a true mainstay of the construction industry.”
Keep your agents competitive
To stay ahead of the curve and maintain a leadership position in these small account markets, Old Republic Surety solicits feedback from agents and monitors the state of the industry. “As with other sectors, construction costs are rising across the board, meaning the same risks come at a much higher price than they did a few years ago,” Taylor said. “We have continued to adjust our limits as needed to accommodate these changes, which is why we recently increased our credit-based limits from $750,000 to $1 million.” Apply for FastBond As simple as before, the higher limits keep agents competitive and allow them to qualify for larger accounts with less underwriting requirements. Best of all, even with such a high ceiling, you can react quickly, which is very important for winning bids. ”
As Taylor points out, contractors often postpone bond issuance efforts until the bidding process is over, and it’s not uncommon for them to wait in an agency’s office for bond approval. “Bidding time pressures can be very intense,” he says. “Our quick response alleviates some of this stress.”
While many agents are already familiar with the FastBond application process, the ORS team is ready to jump in and provide guidance to agents who are new to bonds or need help with their first few applications. is completed. “We can accelerate the learning curve and refresh them on the job until they are comfortable with filing on their own,” Taylor says. Most agents quickly become proficient at preparing high-value financial statements. ” He added that Old Republic Assurance Company can also provide a Guarantee Capacity or Pre-Qualification Letter if required prior to a formal guarantee. “If that’s all we need to submit a bid, we’re always happy to find out if a subcontractor is eligible for a bond,” he says.
FastBond is also a useful stepping stone for agents who want to help their clients move on to larger projects. “Very few customers can jump into a standard bond program overnight, and some don’t want to make the additional investments required, such as involving a CPA,” Taylor says. “With FastBond, the higher limits allow agents to hold more of their growing accounts until they are ready to graduate to the contracting side.”
Advantages of Fastbond
Taylor considers FastBond’s main benefits to be higher limits, faster turnaround time, and easier application process, while considering its bonds’ availability in all 50 states and for all construction transactions. We also emphasize that we are doing “This is a great solution for short-term projects with a sweet spot of $1 million to $2 million, but with plenty of flexibility to discuss variations,” he says. “We want an agent to call us, even if we expect the job to cost a little more. Let’s dig into the details. Old Republic Surety has always approved bonds based on more than just numbers on a spreadsheet.”
Taylor added that the company will continue to evaluate FastBond and make adjustments as necessary. One recent improvement is the addition of secure DocuSign electronic signatures for applications. Other workflow features are under continuous consideration.
“Providing a more streamlined bonding process for smaller exposures is one of the best ways to expand opportunities for agents,” he says. “And Old Republic has really supported our efforts to better serve small accounts. After all, more bonds mean more growth, and by industry standards, bonds Bonds are still a necessity, whether they’re considered small amounts or just because a client’s needs are rare, and we’re here to make it as easy as possible for agents to obtain them. Masu.”
This blog was originally Old Republic Security Website. Reprinted here with permission.
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