When I got my kids a dog, I had no idea that it could affect my homeowners insurance. I happened to run into my insurance agent in the store when I was buying dog food and he asked me what kind of dog we had. When I told him, he said I should stop in the office the next day. I had no idea that things like this could affect premiums, so I started asking what else could do it as well. I created this site to help others understand some of the finer points of homeowners insurance and what they should think about to manage their rates.
A supply contractor bond can be difficult to attain if you do not have a history of having one and are facing credit issues. However, it is still possible that a surety bond company will still approve your application and award your business the needed bond. To increase your odds of success, it is important that you understand the application process. It can differ from company to company, but there are some similarities you need to know. Here are just some of the steps that will occur.
Meeting With the Account Manager
Some surety bonding companies assign account managers to potential clients who want to submit an application for a supply contractor bond. The account manager serves a number of purposes, including helping you complete your application and keeping contact with you throughout the process.
Before submitting your application, meet with or talk to the account manager. The manager can provide you with invaluable information on how to complete the forms. If you have any special circumstances that could possibly hurt your chances of approval, talk to your account manager about them. Chances are, he or she will have some suggestions for addressing them on your application and know what documentation you can submit to support your application.
Review From the Underwriters
As with other types of insurance, your application for a supply contractor bond will be reviewed by underwriters. The underwriters will verify all of the information that you have provided on your application. They are also responsible for assessing the documentation that you provided regarding your business's finances.
Depending on the surety bond company's policies, you could receive a decision on your application at this point. Some companies take a different approach though. If your application is not approved at this point, you could be asked to meet with an underwriter or other representative of the surety bond company in person.
The meeting is your opportunity to explain if there are any circumstances that contributed to your current situation so that you are not immediately eligible for a loan. The underwriters could require more information to get a better gauge on your business's financial health. There is a possibility that the reassessment could result in an approval for your bond.
Since the process can differ by surety bond company, you need to contact supply contractor bond services directly and find out the exact process involved. If you know before you apply, you can properly prepare for the application process.
Share5 April 2017
